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   "value": "<span style=\"display:inherit;clear:left;\">The Group\u2019s businesses are managed from the perspective of Carlsberg\u2019s operating segments, and </span><span style=\"display:inherit;clear:left;\">selected financial data is presented on this basis. Also detailed in the sections below are the key </span><span style=\"display:inherit;clear:left;\">amounts recognised in arriving at the Group\u2019s operating profit before special items, cash flow from </span><span style=\"display:inherit;clear:left;\">operating activities, and trade and other receivables. </span><span style=\"display:inherit;clear:left;\">Operating margin</span><span style=\"display:inherit;clear:left;\">10.0</span><span style=\"display:inherit;clear:left;\">20.0%</span><span style=\"display:inherit;clear:left;\">16.9%</span><span style=\"display:inherit;clear:left;\">16.3%</span><span style=\"display:inherit;clear:left;\">15.1%</span><span style=\"display:inherit;clear:left;\">15.2%</span><span style=\"display:inherit;clear:left;\">15.0%</span><span style=\"display:inherit;clear:left;\">15.0%</span><span style=\"display:inherit;clear:left;\">10.1</span><span style=\"display:inherit;clear:left;\">11.5</span><span style=\"display:inherit;clear:left;\">11.1</span><span style=\"display:inherit;clear:left;\">11.4</span><span style=\"display:inherit;clear:left;\">13.4</span><span style=\"display:inherit;clear:left;\">0.0</span><span style=\"display:inherit;clear:left;\">2021</span><span style=\"display:inherit;clear:left;\">2022</span><span style=\"display:inherit;clear:left;\">2023</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2025</span><span style=\"display:inherit;clear:left;\">Operating profit before special items (DKKbn)</span><span style=\"display:inherit;clear:left;\">Operating margin</span><span style=\"display:inherit;clear:left;\">1.2.2 Operating profit before special items</span><span style=\"display:inherit;clear:left;\">Group operating profit increased by 17% with a positive impact from acquisitions, partly offset by a negative currency impact and </span><span style=\"display:inherit;clear:left;\">PPA-related amortisation.</span><span style=\"display:inherit;clear:left;\">1.2.3 Operating margin</span><span style=\"display:inherit;clear:left;\">The operating margin declined by 0.2 percentage points to 15.0%. Margins improved in most markets, but this was more than offset </span><span style=\"display:inherit;clear:left;\">by the inclusion of the Britvic Group,\ue7fewhich was impacted by PPA-related amortisation.</span>",
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   "value": "Section 1.1Significant events in the periodOn 16 January 2025, the Group gained control of the Britvic Group and started consolidation. The acquisition has had a significant impact on the Group\u2019s financial results. Due to the scale of the Britvic acquisition and the resulting changes in the Group\u2019s structure, the 2025 figures are not directly comparable with prior years.  Britvic delivered a significant contribution to revenue and earnings from the date of consolidation, supported by integration synergies. Integration costs arising from the acquisition are disclosed as part of special items to maintain clarity on the underlying results of the combined Group.As part of the purchase price allocation, a significant proportion of the consideration was allocated to intangible assets, and resulted in a substantial increase in intangible assets subject to amortisation. This change affects the basis for performance measurement, particularly operating profit before special items, which remains a key metric for assessing underlying earnings.To maintain transparency and comparability, the Group presents operating profit before special items both including and excluding amortisation of intangible assets recognised in purchase price allocations. Amortisation of brands is reported within cost of sales, while amortisation of the Pepsi partnership and customer relationships is presented within sales and distribution expenses. Internally, these amortisation charges are excluded from the management-defined performance measures (MPM), as defined on page 23, such as operating profit before special items (MPM) and return on invested capital (MPM). The Group\u2019s external communication on financial performance, including segment reporting, reflects management\u2019s view on the underlying performance.The acquisition has introduced additional complexity in reporting, as the Group now provides both reported - and MPM figures to distinguish acquisition-related amortisation from core results. This approach is consistent with industry practice and supports meaningful performance analysis.",
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  "f1__s9__7__15-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 1.2</span><span style=\"display:inherit;clear:left;\">Segmentation of operations </span><span style=\"display:inherit;clear:left;\">Segmentation of income statement</span><span style=\"display:inherit;clear:left;position:relative;height:372.1171875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.797px; top: 0.0097656px; width: 48.1875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 429.531px; top: 13.5098px; width: 38.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Eastern </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 288.359px; top: 27.0098px; width: 42.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 412.75px; top: 27.0098px; width: 56.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 516.875px; top: 27.0098px; width: 17.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 550.484px; top: 27.0098px; width: 51.7266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Beverages,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 646.594px; top: 27.0098px; width: 23.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.906px; top: 27.0098px; width: 44.8184px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 40.5098px; width: 101.309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.531px; top: 40.5098px; width: 22.7695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 490.844px; top: 40.5098px; width: 43.6641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">allocated</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.859px; top: 40.5098px; width: 22.4414px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 627.906px; top: 40.5098px; width: 43.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">beverage</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 682.672px; top: 40.5098px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Group, total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.502px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Revenue</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.016px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51,651</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,274</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18,158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89,095</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89,095</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.377px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales (MPM)\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.037px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29,330</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,481</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.4551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,920</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-62</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.0605px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-48,793</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.0605px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-48,793</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.252px; width: 739.705px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses (MPM)\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.484px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-13,419</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,528</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,030</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-577</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.752px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22,554</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.752px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22,554</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.127px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share of profit after tax of associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">419</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">118</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">546</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">660</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.002px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 230.648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,939</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4707px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-766</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-789</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,410</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.0273px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,412</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.76px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating profit before special items (MPM)\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,382</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,451</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,884</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,996</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.752px; width: 739.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items, net (MPM)\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 454.886px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,566</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,566</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.627px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 484.793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,364</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-16</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.4551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,380</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.385px; width: 739.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit before tax</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 497.04px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,954</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,050</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 739.846px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Income tax</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,072</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.135px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit for the period</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,835</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">143</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,978</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.127px; width: 739.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating margin (MPM)\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 182.719px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 110.871px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.603px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15.7%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.76px; width: 141.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating profit reconciliation</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.635px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating profit before special items (MPM)\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,382</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,451</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,884</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,996</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 312.877px; width: 261.621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation of intangible assets recognised in purchase </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 326.377px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">price allocations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 231.609px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-620</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5705px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-640</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5705px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-640</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 343.135px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating profit before special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,762</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,431</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,244</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.4551px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,356</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 360.127px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating margin</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 223.324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 110.871px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.945px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15.0%</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Adjusted for amortisation of intangible assets recognised in purchase price allocations.</span><span style=\"display:inherit;clear:left;\">Since the acquisition, the Britvic activities in the UK, Ireland and France have been included in Western Europe and the activities in </span><span style=\"display:inherit;clear:left;\">Brazil in Central &amp; Eastern Europe and India, cf. section\ue7fe5.1.</span><span style=\"display:inherit;clear:left;\">The reconciliation of segment reporting presented in accordance with the Group\u2019s management-defined performance measures </span><span style=\"display:inherit;clear:left;\">(MPM) and the external reporting in accordance with IFRS provides a clear view of operating profit before special items, presented </span><span style=\"display:inherit;clear:left;\">both including and excluding amortisation of intangible assets recognised as part of the purchase price allocation relating to the </span><span style=\"display:inherit;clear:left;\">Britvic acquisition. This enhances transparency by separating the impact of acquisition-related amortisation from the Group\u2019s </span><span style=\"display:inherit;clear:left;\">underlying operating performance. </span><span style=\"display:inherit;clear:left;\">\u201cNot allocated\u201d comprises income and expenses incurred for ongoing support of the Group\u2019s overall operations and strategic </span><span style=\"display:inherit;clear:left;\">development. The expenses include costs of running central functions and marketing, such as global sponsorships. </span><span style=\"display:inherit;clear:left;\">The non-beverage segment, comprising research and real estate activities, is managed separately and therefore shown separately </span><span style=\"display:inherit;clear:left;\">rather than geographically segmented. </span><span style=\"display:inherit;clear:left;\">Not allocated revenue, DKK 12m (2024: DKK 10m), consisted of DKK 720m (2024: DKK 875m)<span class=\"_ _7\"></span> in revenue and DKK -708m (2024: </span><span style=\"display:inherit;clear:left;\">DKK -865m) from eliminations of sales between the geographical segments. </span><span style=\"display:inherit;clear:left;position:relative;height:288.8671875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.75px; top: 0.0097656px; width: 48.1875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.656px; top: 13.5098px; width: 38.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Eastern </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 289.219px; top: 27.0098px; width: 42.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 411.703px; top: 27.0098px; width: 56.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 515.469px; top: 27.0098px; width: 17.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 550.375px; top: 27.0098px; width: 51.7266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Beverages,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 647.062px; top: 27.0098px; width: 23.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.828px; top: 27.0098px; width: 44.8184px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 40.5098px; width: 101.309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 40.5098px; width: 22.7695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 490.844px; top: 40.5098px; width: 43.6641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">allocated</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.938px; top: 40.5098px; width: 22.4414px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 628.141px; top: 40.5098px; width: 43.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">beverage</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 682.797px; top: 40.5098px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Group, total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.502px; width: 739.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Revenue</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 258.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,081</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,466</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,454</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75,011</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75,011</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.377px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 239.643px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-21,154</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.4141px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10,266</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.4551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,206</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.0273px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-40,631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.4141px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-40,631</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.252px; width: 739.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.213px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10,294</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.4551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,807</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,570</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-571</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-19,242</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-19,242</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.127px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share of profit after tax of associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.08px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">362</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">54</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">196</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">616</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.002px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 233.795px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,721</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4707px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-815</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-835</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-927</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,298</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.1502px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,343</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.76px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating profit before special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.738px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,274</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,632</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,039</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,493</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,452</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-41</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5705px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,411</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.752px; width: 80.2559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items, net</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 581.578px; top: 158.752px; width: 158.051px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-522</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-519</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.627px; width: 88.957px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items, net</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 579.938px; top: 175.627px; width: 158.391px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-854</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-51</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5705px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-905</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.385px; width: 77.9238px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit before tax</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 571.125px; top: 192.385px; width: 168.738px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">10,076</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-89</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,987</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 51.1289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Income tax</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 575.656px; top: 209.377px; width: 163.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-1,962</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,982</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.135px; width: 155.889px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit from continuing operations</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 579.938px; top: 226.135px; width: 159.516px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8,114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,005</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.127px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net result from discontinued operations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 394.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,258</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,258</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 259.885px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit for the period</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 478.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,372</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,263</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.877px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating margin</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 220.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.603px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 110.871px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15.2%</span></span></span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Segment information </span><span style=\"display:inherit;clear:left;\">The Group\u2019s beverage activities are segmented according to the three geographical regions where sales take place. These regions </span><span style=\"display:inherit;clear:left;\">make up the Group\u2019s operating and reportable segments. </span><span style=\"display:inherit;clear:left;\">The segmentation reflects the geographical and strategic management, decision and reporting structure applied by the Executive </span><span style=\"display:inherit;clear:left;\">Committee (ExCom) for monitoring the Group\u2019s strategic and financial targets. Segments are managed based on business </span><span style=\"display:inherit;clear:left;\">performance measured as operating profit before special items adjusted for amortisation of intangible assets recognised in </span><span style=\"display:inherit;clear:left;\">purchase price allocation, and follows the reporting to the Group\u2019s Chief Operating Decision Makers (ExCom). </span><span style=\"display:inherit;clear:left;\">The geographical allocation of revenue and non-current assets is based on the selling entities\u2019 domicile and comprises countries </span><span style=\"display:inherit;clear:left;\">individually accounting for more than 10% of the Group\u2019s consolidated revenue as well as the domicile country. </span><span style=\"display:inherit;clear:left;\">Decisions on items included in special items such as significant impairments, restructurings, disposals and step acquisitions of </span><span style=\"display:inherit;clear:left;\">entities as well as on financing (financial income and expenses) are made based on information for the Group as a whole and </span><span style=\"display:inherit;clear:left;\">therefore not segmented. A similar approach is taken regarding tax associated with these transactions. The segmentation of the </span><span style=\"display:inherit;clear:left;\">Group\u2019s assets and returns is disclosed in section 2.1.</span><span style=\"display:inherit;clear:left;\">Section 2.1</span><span style=\"display:inherit;clear:left;\">Segmentation of assets and returns</span><span style=\"display:inherit;clear:left;position:relative;height:476.5390625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 1.13477px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.75px; top: 0.0097656px; width: 48.1875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.656px; top: 13.5098px; width: 38.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Eastern </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.828px; top: 13.5098px; width: 47.7598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 289.219px; top: 27.0098px; width: 42.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 411.703px; top: 27.0098px; width: 56.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 515.469px; top: 27.0098px; width: 17.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 550.375px; top: 27.0098px; width: 51.7266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Beverages,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 647.062px; top: 27.0098px; width: 23.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 708.516px; top: 27.0098px; width: 34.0664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Group, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 40.5098px; width: 101.309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 40.5098px; width: 22.7695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 487.219px; top: 40.5098px; width: 46.0898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">allocated\u00b9</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.938px; top: 40.5098px; width: 22.4414px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 628.141px; top: 40.5098px; width: 43.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">beverage</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 717.188px; top: 40.5098px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.2988px; width: 739.934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">71,005</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">103,163</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.0605px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">104,097</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.1738px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31,950</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,878</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,839</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,773</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.0488px; width: 739.898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.541px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,723</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">791</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">742</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,325</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 107.924px; width: 228.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 124.424px; width: 76.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 302.266px; top: 126.127px; width: 437.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,202</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">345</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,577</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,592</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 142.799px; width: 739.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.797px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,041</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,540</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">877</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,532</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 159.674px; width: 739.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 206.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">285</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">72</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">490</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">460</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.549px; width: 741.656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital (ROIC)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.699px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.4551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10.1% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 193.424px; width: 741.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ROIC excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.99px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">16.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">81.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.416px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">42.9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.4% </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 210.182px; width: 74.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MPM measures</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 227.174px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital (MPM), period-end</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">69,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,103</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">101,371</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">102,305</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 244.049px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill (MPM), period-end</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,065</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,699</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,737</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35,671</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.924px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital, ROIC (MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10.8%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 277.799px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital excl. goodwill (MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">81.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30.9%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 311.635px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 328.424px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.338px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,480</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,883</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65,341</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,059</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 345.299px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.018px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,126</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,556</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,013</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,083</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,801</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 362.174px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.701px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,813</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">893</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,810</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">736</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,546</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 379.049px; width: 228.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 395.549px; width: 76.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 304.375px; top: 397.252px; width: 435.17px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1,838</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,328</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,015</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,030</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 413.924px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.404px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,905</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5705px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4707px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">808</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 430.799px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 207.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">224</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">67</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 447.674px; width: 741.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital (ROIC)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.262px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">12.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18.3% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">14.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">13.8% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 464.549px; width: 741.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ROIC excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">28.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.9355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">105.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">37.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">36.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">35.5% </span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Not allocated comprises supporting companies without brewing activities, and eliminations of investment<span class=\"_ _7\"></span>s in subsidiaries, receivables and loans.</span><span style=\"display:inherit;clear:left;\">As a result of the completion of the purchase price allocation for Gorkha Brewery, Nepal, the statement of financial position for 2024 </span><span style=\"display:inherit;clear:left;\">was restated leading to a reduction of equity of DKK 64m and an increase in total assets of DKK 664m. </span><span style=\"display:inherit;clear:left;\">Geographical allocation of non-current assets</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Denmark (Carlsberg A/S\u2019 domicile)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 444.232px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,247</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,994</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 582.518px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37,220</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,127</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15,007</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,395</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 566.947px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,620</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,160</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other countries</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 525.649px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50,242</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47,099</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 565.699px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120,336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84,775</span></span></span><span style=\"display:inherit;clear:left;\">Non-current assets comprise intangible assets and property, plant and equipment owned by the segment/country, even if the income </span><span style=\"display:inherit;clear:left;\">is earned outside the segment/country that owns the asset. </span><span style=\"display:inherit;clear:left;\">Invested capital</span><span style=\"display:inherit;clear:left;position:relative;height:282.375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.002px; width: 739.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 537.96px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">153,955</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113,992</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.7598px; width: 20.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Less</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.752px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,056</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 67.627px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial receivables, hedging instruments and receivables sold</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">822</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 84.502px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits and securities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 518.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-59</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 101.377px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,585</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11,542</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 118.135px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Assets included</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.018px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">142,195</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">101,157</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 135.127px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-26,877</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-23,295</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 152.002px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits on returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 400.481px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,702</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,728</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 168.877px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions, excl. restructurings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,584</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,773</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 185.752px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other liabilities, excl. hedging instruments and deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6,935</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7,302</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 202.51px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Liabilities offset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-38,098</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35,098</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 219.385px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 516.064px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">104,097</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,059</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 236.377px; width: 739.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 552.78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42,258</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 253.135px; width: 739.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 454.886px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,773</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,801</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 270.01px; width: 739.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital, average\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 471.596px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105,729</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65,910</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 The Britvic Group was acquired in January 2025 and had a full-year impact on average invested capital in the year of acquisition. Gorkha Brew<span class=\"_ _7\"></span>ery was acquired in November 2024, and </span><span style=\"display:inherit;clear:left;\">did not have a full-year impact on average invested capital in the year of acquisition.</span><span style=\"display:inherit;clear:left;\">Non-current assets included in invested capital further comprise financial assets other than financial instruments and deferred tax </span><span style=\"display:inherit;clear:left;\">assets. At year-end, invested capital increased by DKK 38bn due to the acquisition of Britvic. </span><span style=\"display:inherit;clear:left;\">ROIC was 10.1%, mainly impacted by the Britvic acquisition. As shown in the figure below, ROIC declined by <span class=\"_ _7\"></span>370bp compared with </span><span style=\"display:inherit;clear:left;\">last year.</span><span style=\"display:inherit;clear:left;\">ROIC (%)</span><span style=\"display:inherit;clear:left;\">1.1</span><span style=\"display:inherit;clear:left;\">0.4</span><span style=\"display:inherit;clear:left;\">13.8</span><span style=\"display:inherit;clear:left;\">-0.6</span><span style=\"display:inherit;clear:left;\">0.0</span><span style=\"display:inherit;clear:left;\">10.1</span><span style=\"display:inherit;clear:left;\">-4.2</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _250\"> </span>EBIT after tax<span class=\"_ _216\"> </span>Assets<span class=\"_ _f2\"> </span>Liabilities<span class=\"_ _1ef\"> </span>FX<span class=\"_ _58\"> </span>Britvic<span class=\"_ _201\"> </span>2025</span><span style=\"display:inherit;clear:left;\">The Group\u2019s assets and returns are segmented on the basis of geographical regions in accordance with the management reporting </span><span style=\"display:inherit;clear:left;\">for the current year, cf. section 1.2.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__17-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Segment information </span><span style=\"display:inherit;clear:left;\">The Group\u2019s beverage activities are segmented according to the three geographical regions where sales take place. These regions </span><span style=\"display:inherit;clear:left;\">make up the Group\u2019s operating and reportable segments. </span><span style=\"display:inherit;clear:left;\">The segmentation reflects the geographical and strategic management, decision and reporting structure applied by the Executive </span><span style=\"display:inherit;clear:left;\">Committee (ExCom) for monitoring the Group\u2019s strategic and financial targets. Segments are managed based on business </span><span style=\"display:inherit;clear:left;\">performance measured as operating profit before special items adjusted for amortisation of intangible assets recognised in </span><span style=\"display:inherit;clear:left;\">purchase price allocation, and follows the reporting to the Group\u2019s Chief Operating Decision Makers (ExCom). </span><span style=\"display:inherit;clear:left;\">The geographical allocation of revenue and non-current assets is based on the selling entities\u2019 domicile and comprises countries </span><span style=\"display:inherit;clear:left;\">individually accounting for more than 10% of the Group\u2019s consolidated revenue as well as the domicile country. </span><span style=\"display:inherit;clear:left;\">Decisions on items included in special items such as significant impairments, restructurings, disposals and step acquisitions of </span><span style=\"display:inherit;clear:left;\">entities as well as on financing (financial income and expenses) are made based on information for the Group as a whole and </span><span style=\"display:inherit;clear:left;\">therefore not segmented. A similar approach is taken regarding tax associated with these transactions. The segmentation of the </span><span style=\"display:inherit;clear:left;\">Group\u2019s assets and returns is disclosed in section 2.1.</span><span style=\"display:inherit;clear:left;\">Revenue</span><span style=\"display:inherit;clear:left;\">Recognition and measurement</span><span style=\"display:inherit;clear:left;\">Revenue from contracts with customers comprises sales of goods, royalty income, rental income from non-stationary equipment, </span><span style=\"display:inherit;clear:left;\">service fees and sales of by-products.</span><span style=\"display:inherit;clear:left;\">Revenue from the sale of own-produced finished goods, goods for resale (third-party products) and by-products is recognised at </span><span style=\"display:inherit;clear:left;\">the point in time when the control of goods and products is transferred to the customer, which is generally upon delivery. For </span><span style=\"display:inherit;clear:left;\">contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.</span><span style=\"display:inherit;clear:left;\">Revenue from sales- or usage-based royalties is recognised when (a) the customer subsequently sells or uses the goods, or (b) the </span><span style=\"display:inherit;clear:left;\">performance obligation to which some or all of the sales- or usage-based royalty has been allocated is satisfied (or partially </span><span style=\"display:inherit;clear:left;\">satisfied), whichever is later.</span><span style=\"display:inherit;clear:left;\">Revenue from contracts with customers is measured at an amount that reflects the expected consideration for those goods. </span><span style=\"display:inherit;clear:left;\">Amounts disclosed as revenue exclude discounts, VAT and excise duties collected on behalf of authorities.</span><span style=\"display:inherit;clear:left;\">The Group considers whether contracts include separate performance obligations to which a portion of the transaction price needs </span><span style=\"display:inherit;clear:left;\">to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of </span><span style=\"display:inherit;clear:left;\">financing is deemed present, as payment is generally made on the basis of cash on delivery or up to 30 days of credit.</span><span style=\"display:inherit;clear:left;\">Variable consideration </span><span style=\"display:inherit;clear:left;\">The Group offers various discounts depending on the nature of the customer and business.</span><span style=\"display:inherit;clear:left;\">Discounts comprise off-invoice discounts, volume- and activity-related discounts, including specific promotion prices offered, and </span><span style=\"display:inherit;clear:left;\">other discounts. Furthermore, discounts include the difference between the present value and the nominal amount of on-trade </span><span style=\"display:inherit;clear:left;\">loans to customers, cf. section 1.5. </span><span style=\"display:inherit;clear:left;\">Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in the sales price. This also </span><span style=\"display:inherit;clear:left;\">includes cash discounts and incentives for early payments. </span><span style=\"display:inherit;clear:left;\">Volume- and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a </span><span style=\"display:inherit;clear:left;\">longer time and may be related to a current campaign or a sales target measured in volumes or total value. Examples include </span><span style=\"display:inherit;clear:left;\">discounts paid as a lump sum, discounts for meeting certain sales targets or progressive discounts offered in step with increasing </span><span style=\"display:inherit;clear:left;\">sales to a customer. </span><span style=\"display:inherit;clear:left;\">Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store locations, as specific </span><span style=\"display:inherit;clear:left;\">promotions of this nature are closely related to the volumes sold.</span><span style=\"display:inherit;clear:left;\">Cost of sales<span class=\"ff8 fc3\"> comprises cost of materials used in own-produced finished goods, including malt (barley), hops, sugar, concentrate, </span></span><span style=\"display:inherit;clear:left;\">rice, glass, cans, other packaging materials, direct labour, indirect production overheads and standard cost variations. It further </span><span style=\"display:inherit;clear:left;\">comprises purchased finished goods, which include cost of point-of-sale materials and third-party products sold to customers. </span><span style=\"display:inherit;clear:left;\">Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and software, as well as </span><span style=\"display:inherit;clear:left;\">maintenance and depreciation of machinery, plant and equipment used for production. </span><span style=\"display:inherit;clear:left;\">The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes the purchase cost and </span><span style=\"display:inherit;clear:left;\">costs directly related to bringing inventories to the relevant place of sale and getting them ready for sale, for example insurance, </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">freight and duties.</span></span> </span><span style=\"display:inherit;clear:left;\">Inventories are measured at the lower of standard cost (own-produced finished goods) and weighted average cost (other </span><span style=\"display:inherit;clear:left;\">inventories), or net realisable value. The net realisable value is the estimated selling price less costs of completion and costs </span><span style=\"display:inherit;clear:left;\">necessary to make the sale, also taking into account marketability, obsolescence and developments in expected selling price.</span><span style=\"display:inherit;clear:left;\">The cost of scrapped/impaired goods is expensed in the function (line item) responsible for the loss, i.e. losses during distribution </span><span style=\"display:inherit;clear:left;\">are included in distribution expenses, while scrapping of products due to sales not meeting forecasts is included in sales expenses.</span><span style=\"display:inherit;clear:left;\">Marketing expenses consist of expenses for brand marketing and trade marketing. </span><span style=\"display:inherit;clear:left;\">Bra<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>mar<span class=\"_ _7\"></span>ket<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>is <span class=\"_ _7\"></span>an <span class=\"_ _7\"></span>inve<span class=\"_ _7\"></span>stm<span class=\"_ _7\"></span>ent<span class=\"_ _7\"></span> in <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _7\"></span>s b<span class=\"_ _7\"></span>ran<span class=\"_ _7\"></span>ds a<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>con<span class=\"_ _7\"></span>sis<span class=\"_ _7\"></span>ts o<span class=\"_ _7\"></span>f b<span class=\"_ _7\"></span>ran<span class=\"_ _7\"></span>d-sp<span class=\"_ _7\"></span>eci<span class=\"_ _7\"></span>fic<span class=\"_ _7\"></span> inv<span class=\"_ _7\"></span>est<span class=\"_ _7\"></span>men<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>in t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>dev<span class=\"_ _7\"></span>elop<span class=\"_ _7\"></span>men<span class=\"_ _7\"></span>t o<span class=\"_ _7\"></span>f </span><span style=\"display:inherit;clear:left;\">com<span class=\"_ _7\"></span>mun<span class=\"_ _7\"></span>ica<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> ve<span class=\"_ _7\"></span>hic<span class=\"_ _7\"></span>les<span class=\"_ _7\"></span>, wh<span class=\"_ _7\"></span>ich<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e us<span class=\"_ _7\"></span>ed <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>driv<span class=\"_ _7\"></span>e t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>sale<span class=\"_ _7\"></span> of<span class=\"_ _7\"></span> br<span class=\"_ _7\"></span>ande<span class=\"_ _7\"></span>d p<span class=\"_ _7\"></span>rod<span class=\"_ _7\"></span>uct<span class=\"_ _7\"></span>s, s<span class=\"_ _7\"></span>ale<span class=\"_ _7\"></span>s c<span class=\"_ _7\"></span>ampa<span class=\"_ _7\"></span>ign<span class=\"_ _7\"></span>s a<span class=\"_ _7\"></span>nd s<span class=\"_ _7\"></span>pon<span class=\"_ _7\"></span>sor<span class=\"_ _7\"></span>ship<span class=\"_ _7\"></span>s. <span class=\"_ _0\"></span>Tr<span class=\"_ _7\"></span>ade<span class=\"_ _7\"></span> ma<span class=\"_ _7\"></span>rket<span class=\"_ _7\"></span>ing<span class=\"_ _7\"></span> is<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">pro<span class=\"_ _7\"></span>mot<span class=\"_ _7\"></span>ion<span class=\"_ _7\"></span>al a<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>vit<span class=\"_ _7\"></span>ies<span class=\"_ _7\"></span> dir<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span>ed <span class=\"_ _7\"></span>towa<span class=\"_ _7\"></span>rds<span class=\"_ _7\"></span> cu<span class=\"_ _7\"></span>stom<span class=\"_ _7\"></span>ers<span class=\"_ _7\"></span>, s<span class=\"_ _7\"></span>uch <span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> sup<span class=\"_ _7\"></span>ply<span class=\"_ _7\"></span> of<span class=\"_ _7\"></span> po<span class=\"_ _7\"></span>int-<span class=\"_ _7\"></span>of-<span class=\"_ _7\"></span>sal<span class=\"_ _7\"></span>e ma<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>ial<span class=\"_ _7\"></span>s, <span class=\"_ _7\"></span>prom<span class=\"_ _7\"></span>oti<span class=\"_ _7\"></span>ona<span class=\"_ _7\"></span>l ma<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>ial<span class=\"_ _7\"></span>s an<span class=\"_ _7\"></span>d t<span class=\"_ _7\"></span>rad<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span>fer<span class=\"_ _7\"></span>s. </span><span style=\"display:inherit;clear:left;\">Sale<span class=\"_ _7\"></span>s exp<span class=\"_ _7\"></span>enses<span class=\"_ _7\"></span> comp<span class=\"_ _7\"></span>rise <span class=\"_ _7\"></span>costs<span class=\"_ _7\"></span> rela<span class=\"_ _7\"></span>ting<span class=\"_ _7\"></span> to ge<span class=\"_ _7\"></span>nera<span class=\"_ _7\"></span>l sale<span class=\"_ _7\"></span>s act<span class=\"_ _7\"></span>iviti<span class=\"_ _7\"></span>es, w<span class=\"_ _7\"></span>rite<span class=\"_ _7\"></span>-down<span class=\"_ _7\"></span>s for<span class=\"_ _7\"></span> bad <span class=\"_ _7\"></span>debt <span class=\"_ _7\"></span>losses<span class=\"_ _7\"></span>, wa<span class=\"_ _7\"></span>ges an<span class=\"_ _7\"></span>d sal<span class=\"_ _7\"></span>aries<span class=\"_ _7\"></span>, as <span class=\"_ _7\"></span>well <span class=\"_ _7\"></span>as </span><span style=\"display:inherit;clear:left;\">depr<span class=\"_ _7\"></span>eciat<span class=\"_ _7\"></span>ion a<span class=\"_ _7\"></span>nd im<span class=\"_ _7\"></span>pair<span class=\"_ _7\"></span>ment <span class=\"_ _7\"></span>of sa<span class=\"_ _7\"></span>les e<span class=\"_ _7\"></span>quipm<span class=\"_ _7\"></span>ent a<span class=\"_ _7\"></span>nd am<span class=\"_ _7\"></span>ortis<span class=\"_ _7\"></span>ation<span class=\"_ _7\"></span> of l<span class=\"_ _7\"></span>icenc<span class=\"_ _7\"></span>e agr<span class=\"_ _7\"></span>eemen<span class=\"_ _7\"></span>ts an<span class=\"_ _7\"></span>d cus<span class=\"_ _7\"></span>tomer<span class=\"_ _7\"></span> rela<span class=\"_ _7\"></span>tions<span class=\"_ _7\"></span>hips.<span class=\"_ _7\"></span> Dist<span class=\"_ _7\"></span>ribu<span class=\"_ _7\"></span>tion </span><span style=\"display:inherit;clear:left;\">expe<span class=\"_ _7\"></span>nses <span class=\"_ _7\"></span>compr<span class=\"_ _7\"></span>ise c<span class=\"_ _7\"></span>osts<span class=\"_ _7\"></span> incu<span class=\"_ _7\"></span>rred <span class=\"_ _7\"></span>in di<span class=\"_ _7\"></span>strib<span class=\"_ _7\"></span>uting<span class=\"_ _7\"></span> good<span class=\"_ _7\"></span>s, wa<span class=\"_ _7\"></span>ges a<span class=\"_ _7\"></span>nd sa<span class=\"_ _7\"></span>laries<span class=\"_ _7\"></span>, an<span class=\"_ _7\"></span>d depr<span class=\"_ _7\"></span>ecia<span class=\"_ _7\"></span>tion <span class=\"_ _7\"></span>and i<span class=\"_ _7\"></span>mpair<span class=\"_ _7\"></span>ment <span class=\"_ _7\"></span>of di<span class=\"_ _7\"></span>strib<span class=\"_ _7\"></span>ution<span class=\"_ _7\"></span> equi<span class=\"_ _7\"></span>pment<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the sales price less selling </span><span style=\"display:inherit;clear:left;\">costs and the carrying amount at the disposal date. </span><span style=\"display:inherit;clear:left;\">On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less impairment. </span><span style=\"display:inherit;clear:left;\">Expenses relating to research activities comprise research in Denmark and France less funding received from the Carlsberg </span><span style=\"display:inherit;clear:left;\">Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants </span><span style=\"display:inherit;clear:left;\">are recognised in the income statement in the same period as the activities to which they relate. Product development costs are </span><span style=\"display:inherit;clear:left;\">included in cost of sales.</span><span style=\"display:inherit;clear:left;\">Trad<span class=\"_ _7\"></span>e pay<span class=\"_ _7\"></span>ables<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>recog<span class=\"_ _7\"></span>nised<span class=\"_ _7\"></span> init<span class=\"_ _7\"></span>ially<span class=\"_ _7\"></span> at f<span class=\"_ _7\"></span>air v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uentl<span class=\"_ _7\"></span>y mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost. <span class=\"_ _7\"></span>Trade<span class=\"_ _7\"></span> paya<span class=\"_ _7\"></span>bles <span class=\"_ _7\"></span>compr<span class=\"_ _7\"></span>ise p<span class=\"_ _7\"></span>urcha<span class=\"_ _7\"></span>se </span><span style=\"display:inherit;clear:left;\">of g<span class=\"_ _7\"></span>oods <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ervic<span class=\"_ _7\"></span>es, i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ing p<span class=\"_ _7\"></span>ayabl<span class=\"_ _7\"></span>es to<span class=\"_ _7\"></span> supp<span class=\"_ _7\"></span>lier <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>ce pr<span class=\"_ _7\"></span>ovide<span class=\"_ _7\"></span>rs, a<span class=\"_ _7\"></span>nd r<span class=\"_ _7\"></span>etros<span class=\"_ _7\"></span>pecti<span class=\"_ _7\"></span>ve re<span class=\"_ _7\"></span>bates<span class=\"_ _7\"></span> to c<span class=\"_ _7\"></span>ustom<span class=\"_ _7\"></span>ers, <span class=\"_ _7\"></span>and a<span class=\"_ _7\"></span>re pa<span class=\"_ _7\"></span>rt of<span class=\"_ _7\"></span> the </span><span style=\"display:inherit;clear:left;\">norm<span class=\"_ _7\"></span>al w<span class=\"_ _7\"></span>orkin<span class=\"_ _7\"></span>g cap<span class=\"_ _7\"></span>ital <span class=\"_ _7\"></span>cycle<span class=\"_ _7\"></span>. Th<span class=\"_ _7\"></span>e cas<span class=\"_ _7\"></span>h flo<span class=\"_ _7\"></span>w ari<span class=\"_ _7\"></span>sing <span class=\"_ _7\"></span>from<span class=\"_ _7\"></span> all t<span class=\"_ _7\"></span>rade <span class=\"_ _7\"></span>payab<span class=\"_ _7\"></span>les i<span class=\"_ _7\"></span>s par<span class=\"_ _7\"></span>t of <span class=\"_ _7\"></span>cash <span class=\"_ _7\"></span>flow<span class=\"_ _7\"></span> from<span class=\"_ _7\"></span> oper<span class=\"_ _7\"></span>ating<span class=\"_ _7\"></span> acti<span class=\"_ _7\"></span>vitie<span class=\"_ _7\"></span>s. Tr<span class=\"_ _7\"></span>ade </span><span style=\"display:inherit;clear:left;\">rece<span class=\"_ _7\"></span>ivabl<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost u<span class=\"_ _7\"></span>nless<span class=\"_ _7\"></span> they<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>subje<span class=\"_ _7\"></span>ct to<span class=\"_ _7\"></span> non-<span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>urse f<span class=\"_ _7\"></span>acto<span class=\"_ _7\"></span>ring,<span class=\"_ _7\"></span> in w<span class=\"_ _7\"></span>hich <span class=\"_ _7\"></span>case <span class=\"_ _7\"></span>they <span class=\"_ _7\"></span>are h<span class=\"_ _7\"></span>eld a<span class=\"_ _7\"></span>t fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ue. </span><span style=\"display:inherit;clear:left;\">The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the </span><span style=\"display:inherit;clear:left;\">number of bottles, kegs, cans and crates in circulation, and expected return rates.</span><span style=\"display:inherit;clear:left;\">Receivables are recognised initially at the transaction price and subsequently measured at amortised cost less loss allowance or </span><span style=\"display:inherit;clear:left;\">impairment losses. Trade receivables comprise sales of goods and services as well as short-term on-trade loans to customers. Other </span><span style=\"display:inherit;clear:left;\">receivables comprise VAT receivables, loans to partners and associates, interest receivables and other financial receivables. </span><span style=\"display:inherit;clear:left;\">For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount </span><span style=\"display:inherit;clear:left;\">to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement. </span><span style=\"display:inherit;clear:left;\">The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan </span><span style=\"display:inherit;clear:left;\">with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The </span><span style=\"display:inherit;clear:left;\">amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue. </span><span style=\"display:inherit;clear:left;\">The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss </span><span style=\"display:inherit;clear:left;\">allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing </span><span style=\"display:inherit;clear:left;\">the same credit risk characteristics and past-due days.</span><span style=\"display:inherit;clear:left;\">Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">losses, depending on whether a significant increase in credit risk has arisen since initial recognition.</span></span> </span><span style=\"display:inherit;clear:left;\">In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from </span><span style=\"display:inherit;clear:left;\">sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for </span><span style=\"display:inherit;clear:left;\">derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing </span><span style=\"display:inherit;clear:left;\">involvement once the receivables have been derecognised.</span><span style=\"display:inherit;clear:left;\">The Group\u2019s assets and returns are segmented on the basis of geographical regions in accordance with the management reporting </span><span style=\"display:inherit;clear:left;\">for the current year, cf. section 1.2.</span><span style=\"display:inherit;clear:left;\">Cost<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less </span><span style=\"display:inherit;clear:left;\">accumulated amortisation or depreciation and impairment losses. </span><span style=\"display:inherit;clear:left;\">Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. </span><span style=\"display:inherit;clear:left;\">The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-</span><span style=\"display:inherit;clear:left;\">out dependent on the brands\u2019 future performance. </span><span style=\"display:inherit;clear:left;\">The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, </span><span style=\"display:inherit;clear:left;\">and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset, and is included in </span><span style=\"display:inherit;clear:left;\">plant and machinery. </span><span style=\"display:inherit;clear:left;\">Research and development costs are recognised in the income statement as incurred. Development costs of intangible assets, for </span><span style=\"display:inherit;clear:left;\">example software, are recognised as other intangible assets if the costs are expected to generate future economic benefits. </span><span style=\"display:inherit;clear:left;\">For assets acquired in business combinations, including brands and property, plant and equipment, cost at initial recognition is </span><span style=\"display:inherit;clear:left;\">determined by estimating the fair value of the individual assets in the purchase price allocation. </span><span style=\"display:inherit;clear:left;\">Goodwill is only acquired in business combinations and is measured in the purchase price allocation. Goodwill is not amortised but </span><span style=\"display:inherit;clear:left;\">is subject to an annual impairment test, cf. section 2.3. </span><span style=\"display:inherit;clear:left;\">Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">separate items</span></span>. </span><span style=\"display:inherit;clear:left;\">Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in </span><span style=\"display:inherit;clear:left;\">the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced </span><span style=\"display:inherit;clear:left;\">components are derecognised from the statement of financial position and recognised as an expense in the income statement. </span><span style=\"display:inherit;clear:left;\">Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. </span><span style=\"display:inherit;clear:left;\">Useful life, amortisation, depreciation and impairment losses </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the </span><span style=\"display:inherit;clear:left;\">carrying amount, depreciation is discontinued. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account </span><span style=\"display:inherit;clear:left;\">any residual value. The expected useful life and residual value are determined based on past experience and expectations of the </span><span style=\"display:inherit;clear:left;\">future use of assets. </span><span style=\"display:inherit;clear:left;\">Depreciation is calculated on the basis of the cost less the residual value and impairment losses. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses </span><span style=\"display:inherit;clear:left;\">depending on the use of the asset. </span><span style=\"display:inherit;clear:left;\">The expected useful life is as follows:</span><span style=\"display:inherit;clear:left;position:relative;height:261px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 725.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Software</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">N</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">or</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">mal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ly </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">up-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">wid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">e s</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ys</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ms </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">de</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lop</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">s a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">n </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">in</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">teg</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ra</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">d p</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">t </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">of </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">a </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ma</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">jor</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> b</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">us</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ss</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> d</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">eve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lo</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">pm</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ent</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 255.922px; top: 13.627px; width: 97.6406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">pr</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">og</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ram</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">me</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">: </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5-7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.6348px; width: 679.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Delivery rights</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.06px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract; if no contract term has been agreed, normally not exceeding 5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.6348px; width: 694.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Customer relationships</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the customer; if no contract exists, normally not exceeding 15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.6348px; width: 438.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Licence agreements</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the licensor</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.6348px; width: 329.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Land</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 232.201px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not depreciated</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 104.635px; width: 311.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20-40 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.635px; width: 291.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.635px; width: 291.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brewery equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.635px; width: 302.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Filling and bottling equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.855px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8-15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.635px; width: 289.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations in warehouses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 194.635px; width: 288.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade and distribution equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.635px; width: 299.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixtures and fittings, other plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5-8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.635px; width: 297.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hardware</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.635px; width: 302.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-10 years</span></span></span></span><span style=\"display:inherit;clear:left;\">Impairment </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Impairment losses of a non-recurring nature are recognised under special items.</span></span> </span><span style=\"display:inherit;clear:left;\">Leases</span><span style=\"display:inherit;clear:left;\">At the commencement date, the Group recognises a lease liability and a corresponding right-of-use asset at the same amount, </span><span style=\"display:inherit;clear:left;\">except for short-term leases of 12 months or less and leases of low-value assets, which are not recognised. </span><span style=\"display:inherit;clear:left;\">A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease </span><span style=\"display:inherit;clear:left;\">incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a </span><span style=\"display:inherit;clear:left;\">portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars </span><span style=\"display:inherit;clear:left;\">and trucks. </span><span style=\"display:inherit;clear:left;\">Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement </span><span style=\"display:inherit;clear:left;\">of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The </span><span style=\"display:inherit;clear:left;\">impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. </span><span style=\"display:inherit;clear:left;\">section\ue7fe2.3. </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Right-of-use assets are recognised as property, plant and equipment.</span></span> </span><span style=\"display:inherit;clear:left;\">Government grants and other funding</span><span style=\"display:inherit;clear:left;\">Grants and funding received for the acquisition of assets and development projects are recognised in the statement of financial </span><span style=\"display:inherit;clear:left;\">position by deducting the grant from the carrying amount of the asset. The grant is recognised in the income statement over the </span><span style=\"display:inherit;clear:left;\">life of the asset as a reduced depreciation charge.</span><span style=\"display:inherit;clear:left;\">Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the </span><span style=\"display:inherit;clear:left;\">year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the </span><span style=\"display:inherit;clear:left;\">level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be </span><span style=\"display:inherit;clear:left;\">recoverable. If an asset\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable </span><span style=\"display:inherit;clear:left;\">amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. </span><span style=\"display:inherit;clear:left;\">For all assets, the recoverable amount is assessed based on budget and target plan with reference to the expected future net cash </span><span style=\"display:inherit;clear:left;\">flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted </span><span style=\"display:inherit;clear:left;\">by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied. </span><span style=\"display:inherit;clear:left;\">Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and </span><span style=\"display:inherit;clear:left;\">losses arising on significant restructurings of processes and structural adjustments are recognised in special items. Minor losses are </span><span style=\"display:inherit;clear:left;\">recognised in the income statement in the relevant line item. </span><span style=\"display:inherit;clear:left;\">Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and </span><span style=\"display:inherit;clear:left;\">estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount </span><span style=\"display:inherit;clear:left;\">does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.</span><span style=\"display:inherit;clear:left;\">Special items include significant income and expenses of a special nature in relation to the Group\u2019s revenue-generating activities </span><span style=\"display:inherit;clear:left;\">that cannot be attributed directly to the Group\u2019s ordinary operating activities. </span><span style=\"display:inherit;clear:left;\">Special items also include significant non-recurring items, including termination benefits related to retirement of members of the </span><span style=\"display:inherit;clear:left;\">Executive Committee, impairment of goodwill and brands, significant provisions in relation to certain disputes and lawsuits, gains </span><span style=\"display:inherit;clear:left;\">and losses on the disposal of activities and associates, revaluation of the shareholding in an entity held immediately before a step </span><span style=\"display:inherit;clear:left;\">acquisition or deconsolidation of that entity, and integration and transaction costs in a business combination. </span><span style=\"display:inherit;clear:left;\">Significant restructuring of processes, structural adjustments and integration costs are included in special items. Integration activities </span><span style=\"display:inherit;clear:left;\">arising from business combinations may result in significant one\u2011off costs. These may include restructuring of activities that the </span><span style=\"display:inherit;clear:left;\">Group discontinues as part of the integration, as well as one\u2011off costs incurred to establish future operating structures, such as </span><span style=\"display:inherit;clear:left;\">consultant fees or integration\u2011related employee incentives. Such integration costs are classified as special items when they are </span><span style=\"display:inherit;clear:left;\">significant in scale. Fair value uplift in purchase price allocations of acquired inventory is recognised at acquisition and expensed as </span><span style=\"display:inherit;clear:left;\">the inventory is sold. The run\u2011off of the fair value uplift is presented in special items, as it is non\u2011recurring and not reflective of </span><span style=\"display:inherit;clear:left;\">underlying operating performance. </span><span style=\"display:inherit;clear:left;\">Special items are shown separately from the Group\u2019s ordinary operations to facilitate a better understanding of the Group\u2019s </span><span style=\"display:inherit;clear:left;\">financial performance.</span><span style=\"display:inherit;clear:left;\">Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or at the reporting date, the </span><span style=\"display:inherit;clear:left;\">Group has a legal or a constructive obligation and it is probable that there may be an outflow of economic benefits to settle the </span><span style=\"display:inherit;clear:left;\">obligation. </span><span style=\"display:inherit;clear:left;\">Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest rate is used as the </span><span style=\"display:inherit;clear:left;\">discount rate. </span><span style=\"display:inherit;clear:left;\">Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those affected no later than </span><span style=\"display:inherit;clear:left;\">at the reporting date. On acquisition of entities, restructuring provisions in the acquiree are only included in the opening balance </span><span style=\"display:inherit;clear:left;\">when the acquiree has a restructuring liability at the acquisition date. </span><span style=\"display:inherit;clear:left;\">A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower </span><span style=\"display:inherit;clear:left;\">than the unavoidable costs of meeting its obligations under the contract.</span><span style=\"display:inherit;clear:left;\">Other liabilities include excise duties (specific taxes imposed on sales of beer and soft drinks), VAT, withholding tax, accrued interest </span><span style=\"display:inherit;clear:left;\">and payroll, e.g. salaries, overtime, vacation and bonus. </span><span style=\"display:inherit;clear:left;\">Other liabilities (current) are initially recognised at fair value and subsequently at amortised cost.</span><span style=\"display:inherit;clear:left;\">Treasury shares </span><span style=\"display:inherit;clear:left;\">Cost of acquisition, consideration received and treasury share dividends received are recognised directly in equity as retained </span><span style=\"display:inherit;clear:left;\">earnings. Capital reductions from the cancellation of treasury shares are deducted from the share capital at an amount </span><span style=\"display:inherit;clear:left;\">corresponding to the nominal value of the shares and added to retained earnings. Proceeds from the sale of treasury shares in </span><span style=\"display:inherit;clear:left;\">connection with the settlement of share-based payments are recognised directly in equity.</span><span style=\"display:inherit;clear:left;\">Proposed dividends </span><span style=\"display:inherit;clear:left;\">The proposed dividend is recognised as a liability at the date when it is adopted at the Annual General Meeting (declaration date).</span><span style=\"display:inherit;clear:left;\">Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at </span><span style=\"display:inherit;clear:left;\">the reporting date. </span><span style=\"display:inherit;clear:left;\">The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cash flow hedges of particular risks associated with the cash flow from forecast transactions </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Net investment hedges of currency fluctuations in subsidiaries or associates </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Derivatives not designated as hedging instruments </span><span style=\"display:inherit;clear:left;\">The fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values </span><span style=\"display:inherit;clear:left;\">are offset only when the Group has the right and the intention to settle several financial instruments net. </span><span style=\"display:inherit;clear:left;\">Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial </span><span style=\"display:inherit;clear:left;\">income or expenses in the income statement. </span><span style=\"display:inherit;clear:left;\">Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow </span><span style=\"display:inherit;clear:left;\">hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged </span><span style=\"display:inherit;clear:left;\">transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the </span><span style=\"display:inherit;clear:left;\">hedged item. For hedges of raw and packaging materials, the realised gains and losses will in principle go via a basis adjustment of </span><span style=\"display:inherit;clear:left;\">inventory, but due to the short time on inventory the impact will be recorded directly in the income statement. The effectiveness is </span><span style=\"display:inherit;clear:left;\">assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in </span><span style=\"display:inherit;clear:left;\">other comprehensive income. On completion the realised gain/loss is recognised as a basis adjustment of the carrying amount of </span><span style=\"display:inherit;clear:left;\">the investment. </span><span style=\"display:inherit;clear:left;\">Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, </span><span style=\"display:inherit;clear:left;\">average hedge rates and fair values are disclosed in section 4.9.4.</span><span style=\"display:inherit;clear:left;\">Borrowings </span><span style=\"display:inherit;clear:left;\">Borrowings are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the </span><span style=\"display:inherit;clear:left;\">effective interest method. Accordingly, the difference between the fair value less transaction costs and the nominal value is </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">recognised under financial expenses over the term of the loan.</span></span> </span><span style=\"display:inherit;clear:left;\">Lease liability </span><span style=\"display:inherit;clear:left;\">The lease liability is measured at the present value of the remaining lease payments at the reporting date, discounted using the </span><span style=\"display:inherit;clear:left;\">incremental borrowing rate for similar assets, taking into account the terms of the leases. A remeasurement of the lease liability, </span><span style=\"display:inherit;clear:left;\">for example a change in the assessment of an option to extend, results in a corresponding adjustment of the related right-of-use </span><span style=\"display:inherit;clear:left;\">assets, cf. section 2.2. Extension or termination options are included in the lease term if the lease is reasonably certain to be </span><span style=\"display:inherit;clear:left;\">extended or not terminated. Consequently, all cash outflows that are reasonably certain to impact the future cash balances are </span><span style=\"display:inherit;clear:left;\">recognised as lease liabilities at initial recognition of lease contracts. The Group reassesses the circumstances leading to extension </span><span style=\"display:inherit;clear:left;\">or termination options not being recognised.</span><span style=\"display:inherit;clear:left;\">Acquisitions</span><span style=\"display:inherit;clear:left;\">The acquisition date is the date when the Group effectively obtains control of an acquired subsidiary or significant influence over </span><span style=\"display:inherit;clear:left;\">an\ue7feassociate. </span><span style=\"display:inherit;clear:left;\">The cost of a business combination comprises the fair value of the consideration agreed upon, including the fair value of any </span><span style=\"display:inherit;clear:left;\">consideration contingent on future events. </span><span style=\"display:inherit;clear:left;\">In a step acquisition, the Group gains control of an entity in which it already held a shareholding before gaining control. The </span><span style=\"display:inherit;clear:left;\">shareholding held before the step acquisition is remeasured at fair value at the acquisition date and added to the fair value of the </span><span style=\"display:inherit;clear:left;\">consideration paid for the shareholding acquired in the step acquisition, and accounted for as the total cost of the shareholding in </span><span style=\"display:inherit;clear:left;\">the acquired entity. The gain or loss on the remeasurement is recognised in the income statement under special items. </span><span style=\"display:inherit;clear:left;\">Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets and liabilities belonging to </span><span style=\"display:inherit;clear:left;\">the foreign entity and translated into the foreign entity\u2019s functional currency at the exchange rate at the transaction date. </span><span style=\"display:inherit;clear:left;\">The acquired entities\u2019 identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. </span><span style=\"display:inherit;clear:left;\">Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax on revaluations </span><span style=\"display:inherit;clear:left;\">is\ue7ferecognised. </span><span style=\"display:inherit;clear:left;\">The identifiable assets, liabilities and contingent liabilities on initial recognition at the acquisition date are subsequently adjusted up </span><span style=\"display:inherit;clear:left;\">until 12 months after the acquisition. The effect of the adjustments is recognised in the opening balance of equity, and the </span><span style=\"display:inherit;clear:left;\">comparative figures are restated accordingly if the amount is material. </span><span style=\"display:inherit;clear:left;\">Changes in estimates of deferred purchase considerations are recognised in the income statement under special items, unless they </span><span style=\"display:inherit;clear:left;\">qualify for recognition directly in equity. Cash flow to acquire subsidiaries is presented in financial investments and includes cash </span><span style=\"display:inherit;clear:left;\">and cash equivalents and bank overdrafts in the acquiree.</span><span style=\"display:inherit;clear:left;\">On acquisition of non-controlling interests, i.e. subsequent to the Group obtaining control, acquired net assets are not measured at </span><span style=\"display:inherit;clear:left;\">fair value. The difference between the cost and the non-controlling interests\u2019 share of the total carrying amount is transferred from </span><span style=\"display:inherit;clear:left;\">the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot </span><span style=\"display:inherit;clear:left;\">exceed the non-controlling interests\u2019 share of equity immediately before the transaction. </span><span style=\"display:inherit;clear:left;\">On disposal of shareholdings to non-controlling interests, the difference between the sales price and the share of the total carrying </span><span style=\"display:inherit;clear:left;\">amount, including goodwill acquired by the non-controlling interests, is transferred from equity attributable to shareholders in </span><span style=\"display:inherit;clear:left;\">Carlsberg A/S to the non-controlling interests.</span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. </span><span style=\"display:inherit;clear:left;\">Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for </span><span style=\"display:inherit;clear:left;\">the Group\u2019s share of the profit or loss and other comprehensive income of the associate after the date of acquisition. The share of </span><span style=\"display:inherit;clear:left;\">the result must be calculated in accordance with the Group\u2019s accounting policies. The proportionate share of unrealised intra-group </span><span style=\"display:inherit;clear:left;\">profits and losses is eliminated. Investments in associates with negative net asset values are measured at DKK 0.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">If the Group has a legal or constructive obligation to cover a deficit in the associate, the deficit is recognised under provisions. Any </span><span style=\"display:inherit;clear:left;\">amounts owed by associates are written down to the extent that the amount owed is deemed irrecoverable. </span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.</span><span style=\"display:inherit;clear:left;\">Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly </span><span style=\"display:inherit;clear:left;\">associated with the assets that will be transferred in the transaction. The classification is changed to assets and liabilities in </span><span style=\"display:inherit;clear:left;\">discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are </span><span style=\"display:inherit;clear:left;\">remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying </span><span style=\"display:inherit;clear:left;\">amount and fair value less costs to sell. Any impairment loss is allocated first to goodwill and then to remaining assets on a pro </span><span style=\"display:inherit;clear:left;\">rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which </span><span style=\"display:inherit;clear:left;\">continue to be measured in accordance with the Group\u2019s accounting policies. Property, plant and equipment and intangible assets </span><span style=\"display:inherit;clear:left;\">are not depreciated or amortised once classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in the </span><span style=\"display:inherit;clear:left;\">income statement. </span><span style=\"display:inherit;clear:left;\">Non-current assets and disposal groups held for sale are presented separately as current lines in the statement of financial position, </span><span style=\"display:inherit;clear:left;\">and the main elements are specified in this section. Comparative figures are not restated. </span><span style=\"display:inherit;clear:left;\">A disposal group is presented as discontinued operations if it is a group of companies, i.e. part of a geographical area of operations </span><span style=\"display:inherit;clear:left;\">that has either been disposed of or is classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Discontinued operations are excluded from the results of continuing operations and presented separately as profit/loss from </span><span style=\"display:inherit;clear:left;\">discontinued operations in the income statement. Comparative figures are restated. Cash flow from discontinued operations is </span><span style=\"display:inherit;clear:left;\">presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. </span><span style=\"display:inherit;clear:left;\">Comparative figures are restated. </span><span style=\"display:inherit;clear:left;\">Disposals and loss of control </span><span style=\"display:inherit;clear:left;\">Gains or losses on the disposal or liquidation of subsidiaries and associates are recognised as the difference between the sales price </span><span style=\"display:inherit;clear:left;\">and the carrying amount of net assets (including goodwill) at the date of disposal or liquidation, and net of foreign exchange </span><span style=\"display:inherit;clear:left;\">adjustments recognised in other comprehensive income, and costs to sell or liquidation expenses.</span><span style=\"display:inherit;clear:left;\">Income tax comprises current tax and changes in deferred tax for the year, including changes as a result of a change in the tax rate. </span><span style=\"display:inherit;clear:left;\">The tax expense relating to the profit/loss for the year is recognised in the income statement, while the tax expense relating to </span><span style=\"display:inherit;clear:left;\">items recognised in other comprehensive income is recognised in the statement of comprehensive income.</span><span style=\"display:inherit;clear:left;\">Cur<span class=\"_ _7\"></span>ren<span class=\"_ _7\"></span>t i<span class=\"_ _7\"></span>ncom<span class=\"_ _7\"></span>e t<span class=\"_ _7\"></span>ax <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> li<span class=\"_ _7\"></span>abil<span class=\"_ _7\"></span>iti<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>mea<span class=\"_ _7\"></span>sur<span class=\"_ _7\"></span>ed a<span class=\"_ _7\"></span>t t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>amou<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>exp<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span>ed t<span class=\"_ _7\"></span>o b<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>ecov<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>d f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>pai<span class=\"_ _7\"></span>d to<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e t<span class=\"_ _7\"></span>axa<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> au<span class=\"_ _7\"></span>tho<span class=\"_ _7\"></span>riti<span class=\"_ _7\"></span>es.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using </span><span style=\"display:inherit;clear:left;\">the balance sheet liability method. However, deferred tax is not recognised on temporary differences relating to goodwill that is not </span><span style=\"display:inherit;clear:left;\">deductible for tax purposes or on office premises and other items where temporary differences, apart from business combinations, </span><span style=\"display:inherit;clear:left;\">arise at the acquisition date without affecting either profit/loss for the year or taxable income. </span><span style=\"display:inherit;clear:left;\">Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the </span><span style=\"display:inherit;clear:left;\">asset or settlement of the liability. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets related to tax losses carried forward are recognised at the expected value of their utilisation, or as a set-off </span><span style=\"display:inherit;clear:left;\">against deferred tax liabilities in the same legal tax entity and jurisdiction. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax </span><span style=\"display:inherit;clear:left;\">assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised. </span><span style=\"display:inherit;clear:left;\">Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is </span><span style=\"display:inherit;clear:left;\">expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income </span><span style=\"display:inherit;clear:left;\">statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income. </span><span style=\"display:inherit;clear:left;\">Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model </span><span style=\"display:inherit;clear:left;\">Rules and their local implementation.</span><span style=\"display:inherit;clear:left;\">Staff costs are recognised in the financial year in which the employee renders the related service. </span><span style=\"display:inherit;clear:left;\">The cost of share-based payments, which is expensed over the vesting period of the programme according to the service conditions, </span><span style=\"display:inherit;clear:left;\">is recognised in staff costs and provisions or equity, depending on how the programme is settled with the employees. </span><span style=\"display:inherit;clear:left;\">Key management personnel comprise the Executive Committee, excluding the executive directors. Other management personnel </span><span style=\"display:inherit;clear:left;\">included in the share-based payment schemes comprise vice presidents and other key employees in central functions as well as the </span><span style=\"display:inherit;clear:left;\">management of significant subsidiaries.</span><span style=\"display:inherit;clear:left;\">The fair value of granted performance shares is estimated using a stochastic (quasi-Monte Carlo) valuation model of market </span><span style=\"display:inherit;clear:left;\">conditions and a Black-Scholes call option-pricing model of non-market and service conditions, taking into account the terms and </span><span style=\"display:inherit;clear:left;\">conditions upon which the performance shares were granted. The market condition is based on a ranking of the total shareholder </span><span style=\"display:inherit;clear:left;\">return of Carlsberg A/S\u2019 class B shares versus a peer group of publicly traded companies in the alcoholic beverage sector. </span><span style=\"display:inherit;clear:left;\">On initial recognition of performance shares, the number of awards expected to vest is estimated and subsequently revised for any </span><span style=\"display:inherit;clear:left;\">changes. Accordingly, recognition is based on the number of awards that ultimately vest.</span><span style=\"display:inherit;clear:left;\">Contributions paid to a defined contribution plan are recognised in the income statement in the period during which services are </span><span style=\"display:inherit;clear:left;\">rendered by employees. Any contributions outstanding are recognised in the statement of financial position as other liabilities. </span><span style=\"display:inherit;clear:left;\">The Group\u2019s net obligation recognised in the statement of financial position in respect of defined benefit plans is the present value </span><span style=\"display:inherit;clear:left;\">of the defined benefit obligation at the reporting date less the fair value of plan assets calculated by a qualified actuary. </span><span style=\"display:inherit;clear:left;\">The present value is determined separately for each plan by discounting the estimated future benefits that employees have earned </span><span style=\"display:inherit;clear:left;\">in return for their service in the current and prior years. </span><span style=\"display:inherit;clear:left;\">The costs of a defined benefit plan are recognised in the income statement and include service costs, net interest based on actuarial </span><span style=\"display:inherit;clear:left;\">estimates and financial expectations. </span><span style=\"display:inherit;clear:left;\">Service costs comprise current service cost and past service cost. Current service cost is the increase in the present value of the </span><span style=\"display:inherit;clear:left;\">defined benefit obligation resulting from employee services in the current period. Past service cost is the change in the present value </span><span style=\"display:inherit;clear:left;\">of the obligation regarding employee services in prior years that arises from a plan amendment or a curtailment. Past service costs </span><span style=\"display:inherit;clear:left;\">are recognised immediately, provided employees have already earned the changed benefits. </span><span style=\"display:inherit;clear:left;\">Realised gains and losses on curtailment or settlement are recognised under staff costs. </span><span style=\"display:inherit;clear:left;\">In<span class=\"_ _0\"></span>ter<span class=\"_ _7\"></span>es<span class=\"_ _0\"></span>t o<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>re<span class=\"_ _0\"></span>tir<span class=\"_ _7\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> be<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>fi<span class=\"_ _0\"></span>t o<span class=\"_ _7\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>on<span class=\"_ _0\"></span>s a<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he<span class=\"_ _0\"></span> in<span class=\"_ _7\"></span>te<span class=\"_ _0\"></span>res<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>on <span class=\"_ _7\"></span>re<span class=\"_ _0\"></span>tur<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>on <span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>an<span class=\"_ _0\"></span> as<span class=\"_ _7\"></span>se<span class=\"_ _7\"></span>ts<span class=\"_ _0\"></span> ar<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>re<span class=\"_ _0\"></span>cog<span class=\"_ _7\"></span>ni<span class=\"_ _0\"></span>sed<span class=\"_ _7\"></span> a<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _7\"></span>ci<span class=\"_ _0\"></span>al <span class=\"_ _7\"></span>in<span class=\"_ _7\"></span>co<span class=\"_ _0\"></span>me <span class=\"_ _7\"></span>or<span class=\"_ _0\"></span> fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nc<span class=\"_ _0\"></span>ial<span class=\"_ _7\"></span> e<span class=\"_ _0\"></span>xpe<span class=\"_ _7\"></span>ns<span class=\"_ _0\"></span>es.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Differences between the development in retirement benefit assets and liabilities and realised amounts at year-end are designated </span><span style=\"display:inherit;clear:left;\">as actuarial gains or losses and recognised in other comprehensive income. As they will never be reclassified to the income </span><span style=\"display:inherit;clear:left;\">statement, they are included in retained earnings. </span><span style=\"display:inherit;clear:left;\">If a retirement benefit plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead </span><span style=\"display:inherit;clear:left;\">to reduced future payments to the plan.</span><span style=\"display:inherit;clear:left;\">Realised gains and losses on the adjustment of retirement benefit obligations as a result of termination of a significant number of </span><span style=\"display:inherit;clear:left;\">positions in connection with restructurings are recognised under special items.</span><span style=\"display:inherit;clear:left;\">Income statement </span><span style=\"display:inherit;clear:left;\">Transactions in the period have been restated to reflect changes in the price index from the time of initial recognition to the end of </span><span style=\"display:inherit;clear:left;\">the reporting period, with the exception of depreciation, which has been recalculated based on the inflation-adjusted carrying </span><span style=\"display:inherit;clear:left;\">amount of the restated non-monetary assets. </span><span style=\"display:inherit;clear:left;\">Non-monetary items </span><span style=\"display:inherit;clear:left;\">Non-monetary items \u2013 such as goodwill, brands, property, plant and equipment and deferred tax \u2013 have been restated to take </span><span style=\"display:inherit;clear:left;\">account of inflation since initial recognition, which was no earlier than September 2011, when the Group gained control of the </span><span style=\"display:inherit;clear:left;\">business, and up to 30 June 2025. </span><span style=\"display:inherit;clear:left;\">Monetary items </span><span style=\"display:inherit;clear:left;\">Monetary items, mainly consisting of receivables and payables, are not subject to restatement, as the carrying amount already </span><span style=\"display:inherit;clear:left;\">reflects the purchasing power at the reporting date. </span><span style=\"display:inherit;clear:left;\">Equity </span><span style=\"display:inherit;clear:left;\">Equity includes the restatement adjustment of non-monetary items at the beginning of the period. The restatement adjustment for </span><span style=\"display:inherit;clear:left;\">inflation in the reporting period has been recognised in other comprehensive income. </span><span style=\"display:inherit;clear:left;\">Statement of cash flows</span><span style=\"display:inherit;clear:left;\">In the statement of cash flows, operating profit before special items includes a non-cash effect from the inflation restatement, </span><span style=\"display:inherit;clear:left;\">which has been reversed in the line other non-cash items. </span><span style=\"display:inherit;clear:left;\">Price index</span><span style=\"display:inherit;clear:left;\">The hyperinflation restatement of the financial statements of Lao Brewery has been performed by applying the development in the </span><span style=\"display:inherit;clear:left;\">consumer price index provided by the Bank of Laos, calculated as an average year-to-date conversion factor until the point of </span><span style=\"display:inherit;clear:left;\">discontinuing hyperinflation accounting in H1 2025. As of H1 2025, the inflation rate in Laos decreased to<span class=\"_ _7\"></span> 7.2% (2024: 21.3%). </span><span style=\"display:inherit;clear:left;\">Retranslation from LAK to DKK </span><span style=\"display:inherit;clear:left;\">The financial statements of Lao Brewery, including restatement adjustments, have been translated into DKK by applying the LAK/</span><span style=\"display:inherit;clear:left;\">DKK exchange rate at the reporting date, instead of the Group\u2019s normal practice of translating the income statement using the </span><span style=\"display:inherit;clear:left;\">exchange rate at the transaction date or a monthly average exchange rate. The LAK/DKK exchange rate decreased from </span><span style=\"display:inherit;clear:left;\">0.0003299 at the beginning of the year to 0.0002955 at 30 June 2025. The average rate was 0.0003015.</span><span style=\"display:inherit;clear:left;\">Section 9.2</span><span style=\"display:inherit;clear:left;\">General accounting policies</span><span style=\"display:inherit;clear:left;\">The Group\u2019s consolidated financial statements for 2025 have been prepared in accordance with IFRS Accounting Standards as </span><span style=\"display:inherit;clear:left;\">adopted by the EU and further requirements in the Danish Financial Statements Act.</span><span style=\"display:inherit;clear:left;\">The consolidated financial statements are presented in Danish kroner (DKK), which is the Parent Company\u2019s functional currency, and </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">all values are rounded to the nearest DKK million, unless otherwise stated.</span></span> </span><span style=\"display:inherit;clear:left;\">The accounting policies set out below have been used consistently in respect of the financial year and the comparative figures.</span><span style=\"display:inherit;clear:left;\">Defining materiality</span><span style=\"display:inherit;clear:left;\">Significant items are presented individually in the financial statements as required by IAS 1. Other items that are considered relevant </span><span style=\"display:inherit;clear:left;\">to stakeholders and necessary for an understanding of the Group\u2019s business model, including research, real estate and geographical </span><span style=\"display:inherit;clear:left;\">diversity, are also presented individually in the financial statements.</span><span style=\"display:inherit;clear:left;\">The consolidated financial statements are prepared as a consolidation of the financial statements of the Parent Company, <span class=\"_ _7\"></span>Carlsberg </span><span style=\"display:inherit;clear:left;\">A/S, and its subsidiaries according to the Group\u2019s accounting policies.</span><span style=\"display:inherit;clear:left;\">Subsidiaries are all the entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has </span><span style=\"display:inherit;clear:left;\">rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct </span><span style=\"display:inherit;clear:left;\">the activities of the entity.</span><span style=\"display:inherit;clear:left;\">Entities over which the Group exercises significant influence, but which it does not control, are considered associates. Significant </span><span style=\"display:inherit;clear:left;\">influence is generally obtained by direct or indirect ownership or control of less than 50% of the voting rights or participation in the </span><span style=\"display:inherit;clear:left;\">management of the company. The assessment of whether Carlsberg A/S exercises control or significant influence includes potential </span><span style=\"display:inherit;clear:left;\">voting rights exercisable at the reporting date. Entities that by agreement are managed jointly with one or more other parties are </span><span style=\"display:inherit;clear:left;\">considered joint ventures. </span><span style=\"display:inherit;clear:left;\">On consolidati<span class=\"_ _7\"></span>on, intra-group inc<span class=\"_ _7\"></span>ome and expenses, shar<span class=\"_ _7\"></span>eholdings, balances an<span class=\"_ _7\"></span>d dividends, and reali<span class=\"_ _7\"></span>sed and unrealised gain<span class=\"_ _7\"></span>s are </span><span style=\"display:inherit;clear:left;\">eliminated. Un<span class=\"_ _7\"></span>realised gains on tran<span class=\"_ _7\"></span>sactions with associa<span class=\"_ _7\"></span>tes are eliminated in<span class=\"_ _7\"></span> proportion to the G<span class=\"_ _7\"></span>roup\u2019s ownership shar<span class=\"_ _7\"></span>e of the entity.</span><span style=\"display:inherit;clear:left;\">Unrealised losses are eliminated in the same way as unrealised gains to the extent that impairment has not taken place. </span><span style=\"display:inherit;clear:left;\">The accounting items of subsidiaries are included in full in the consolidated financial statements. Non-controlling interests\u2019 share of </span><span style=\"display:inherit;clear:left;\">subsidiaries\u2019 profit/loss for the year and of equity is included in the Group\u2019s profit/loss and equity but is disclosed separately. Entities </span><span style=\"display:inherit;clear:left;\">acquired or established during the year are recognised in the consolidated financial statements from the date of acquisition or </span><span style=\"display:inherit;clear:left;\">formation. Entities disposed of or discontinued are recognised in the consolidated income statement until the date of disposal or </span><span style=\"display:inherit;clear:left;\">discontinuation. The comparative figures are not restated.</span><span style=\"display:inherit;clear:left;\">Foreign currency translation </span><span style=\"display:inherit;clear:left;\">A functional currency is determined for each of the reporting entities in the Group. The functional currency is the primary currency </span><span style=\"display:inherit;clear:left;\">used for the reporting entity\u2019s operations. Transactions denominated in currencies other than the functional currency are considered </span><span style=\"display:inherit;clear:left;\">transactions denominated in foreign currencies.</span><span style=\"display:inherit;clear:left;\">On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates </span><span style=\"display:inherit;clear:left;\">at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of </span><span style=\"display:inherit;clear:left;\">payment are recognised as financial income or expenses.</span><span style=\"display:inherit;clear:left;\">Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the </span><span style=\"display:inherit;clear:left;\">reporting date. The difference between the exchange rates at the reporting date and at the date at which the receivable or payable </span><span style=\"display:inherit;clear:left;\">arose or the exchange rate in the latest consolidated financial statements is recognised as financial income or expenses.</span><span style=\"display:inherit;clear:left;\">On recognition of entities with a functional currency other than the presentation currency, the income statement and statement of </span><span style=\"display:inherit;clear:left;\">cash flows are translated at the exchange rates at the transaction date, and the statement of financial position items are translated </span><span style=\"display:inherit;clear:left;\">at the exchange rates at the reporting date. Foreign exchange differences arising on translation of the opening balance of equity, and </span><span style=\"display:inherit;clear:left;\">of the income statement on the reporting date, are recognised in other comprehensive income and attributed to a separate </span><span style=\"display:inherit;clear:left;\">translation reserve in equity. Foreign exchange differences arising on the translation of the proportionate share of associates are </span><span style=\"display:inherit;clear:left;\">likewise recognised in other comprehensive income.</span><span style=\"display:inherit;clear:left;\">Foreign exchange adjustment of balances with entities that are considered part of the investment in the entity is recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income. Correspondingly, foreign exchange gains and losses on the part of loans and derivative financial instruments </span><span style=\"display:inherit;clear:left;\">that are designated as hedges of investments in foreign entities, and that effectively hedge against corresponding foreign exchange </span><span style=\"display:inherit;clear:left;\">gains and losses on the investment in the entity, are also recognised in other comprehensive income and attributed to a separate </span><span style=\"display:inherit;clear:left;\">translation reserve in equity.</span><span style=\"display:inherit;clear:left;\">When the gain or loss from a complete or partial disposal of an entity is recognised, the share of the cumulative exchange </span><span style=\"display:inherit;clear:left;\">differences recognised in other comprehensive income is recognised in the income statement. The same approach is adopted on </span><span style=\"display:inherit;clear:left;\">repayment of balances that constitute part of the net investment in the entity.</span><span style=\"display:inherit;clear:left;\">Income statement</span><span style=\"display:inherit;clear:left;\">The presentation of the Group\u2019s income statement is based on the internal reporting structure, as IFRS Accounting Standards do not </span><span style=\"display:inherit;clear:left;\">provide a specific disclosure requirement.</span><span style=\"display:inherit;clear:left;\">Special items are not directly attributable to ordinary operating activities and are shown separately in order to facilitate a better </span><span style=\"display:inherit;clear:left;\">understanding of the Group\u2019s financial performance.</span><span style=\"display:inherit;clear:left;\">Cash flow</span><span style=\"display:inherit;clear:left;\">Cas<span class=\"_ _7\"></span>h f<span class=\"_ _7\"></span>low <span class=\"_ _7\"></span>is c<span class=\"_ _7\"></span>alc<span class=\"_ _7\"></span>ulat<span class=\"_ _7\"></span>ed u<span class=\"_ _7\"></span>sin<span class=\"_ _7\"></span>g th<span class=\"_ _7\"></span>e in<span class=\"_ _7\"></span>dir<span class=\"_ _7\"></span>ect <span class=\"_ _7\"></span>met<span class=\"_ _7\"></span>hod <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>is <span class=\"_ _7\"></span>base<span class=\"_ _7\"></span>d on<span class=\"_ _7\"></span> op<span class=\"_ _7\"></span>erat<span class=\"_ _7\"></span>ing<span class=\"_ _7\"></span> pro<span class=\"_ _7\"></span>fit <span class=\"_ _7\"></span>bef<span class=\"_ _7\"></span>ore <span class=\"_ _7\"></span>spec<span class=\"_ _7\"></span>ial<span class=\"_ _7\"></span> ite<span class=\"_ _7\"></span>ms a<span class=\"_ _7\"></span>dju<span class=\"_ _7\"></span>sted<span class=\"_ _7\"></span> fo<span class=\"_ _7\"></span>r de<span class=\"_ _7\"></span>prec<span class=\"_ _7\"></span>iat<span class=\"_ _7\"></span>ion,<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">amo<span class=\"_ _7\"></span>rti<span class=\"_ _7\"></span>sati<span class=\"_ _7\"></span>on a<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>impa<span class=\"_ _7\"></span>irme<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span>es.<span class=\"_ _7\"></span> Cas<span class=\"_ _7\"></span>h fl<span class=\"_ _7\"></span>ow <span class=\"_ _7\"></span>cann<span class=\"_ _7\"></span>ot b<span class=\"_ _7\"></span>e d<span class=\"_ _7\"></span>eriv<span class=\"_ _7\"></span>ed d<span class=\"_ _7\"></span>ire<span class=\"_ _7\"></span>ctly<span class=\"_ _7\"></span> fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he s<span class=\"_ _7\"></span>tat<span class=\"_ _7\"></span>emen<span class=\"_ _7\"></span>t o<span class=\"_ _7\"></span>f fi<span class=\"_ _7\"></span>nanc<span class=\"_ _7\"></span>ial<span class=\"_ _7\"></span> pos<span class=\"_ _7\"></span>itio<span class=\"_ _7\"></span>n a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>ncom<span class=\"_ _7\"></span>e s<span class=\"_ _7\"></span>tate<span class=\"_ _7\"></span>men<span class=\"_ _7\"></span>t.</span><span style=\"display:inherit;clear:left;\">Financial ratios and non-IFRS financial m<span class=\"_ _7\"></span>easures</span><span style=\"display:inherit;clear:left;\">The Group uses certain additional financial measures to provide management, investors and investment analysts with additional </span><span style=\"display:inherit;clear:left;\">ways to evaluate and analyse the Company\u2019s results. These non-IFRS financial measures are defined and calculated by the Group </span><span style=\"display:inherit;clear:left;\">and therefore may not be comparable with other companies\u2019 measures.</span><span style=\"display:inherit;clear:left;\">The non-IFRS financial measures disclosed in the Annual Report are:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Earnings per share, adjusted, and payout ratio, adjusted</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Organic development</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Management-defined performance measures as defined in section 9.5 and disclosed in the management review and sections 1.2 </span><span style=\"display:inherit;clear:left;\">and 4.3. </span><span style=\"display:inherit;clear:left;\">The Danish Finance Society does not acknowledge use of special items and states that adjustments for tax should be based on the </span><span style=\"display:inherit;clear:left;\">marginal tax rate. When calculating financial measures, the Group uses operating profit before special items as well as the effective </span><span style=\"display:inherit;clear:left;\">tax rate for items of operating profit before special items.</span><span style=\"display:inherit;clear:left;\">Other financial ratios are calculated in accordance with the Danish Finance Society\u2019s online guidelines for the calculation of financial </span><span style=\"display:inherit;clear:left;\">ratios, \u201cRecommendations and Financial Ratios\u201d, unless stated.</span><span style=\"display:inherit;clear:left;\">9.2.1 Reporting under the ESEF regulation</span><span style=\"display:inherit;clear:left;\">The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a </span><span style=\"display:inherit;clear:left;\">single electronic reporting format for the annual financial reports of issuers with securities listed on EU-regulated markets<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">The combination of XHTML format and iXBRL tags enables the annual financial reports to be read by both humans and machines, </span><span style=\"display:inherit;clear:left;\">thus enhancing accessibility, analysis and comparability of the information included in the annual financial reports<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">The Group\u2019s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and </span><span style=\"display:inherit;clear:left;\">has been developed based on the IFRS taxonomy published by the IFRS Foundation.</span><span style=\"display:inherit;clear:left;\">The line items in the consolidated financial statements are tagged to elements in the ESEF taxonomy. For financial line items that </span><span style=\"display:inherit;clear:left;\">are not directly defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements </span><span style=\"display:inherit;clear:left;\">in the ESEF taxonomy, except for extensions that are subtotals.</span><span style=\"display:inherit;clear:left;\">The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the </span><span style=\"display:inherit;clear:left;\">XHTML document together with the technical files, all of which are included in the ZIP file Carlsberg-2025-12-31-en.zip.</span><span style=\"display:inherit;clear:left;\">Key definitions </span><span style=\"display:inherit;clear:left;\">XHTML (eXtensible HyperText Markup Language) is a text-based language used to structure and mark up content such as text, </span><span style=\"display:inherit;clear:left;\">images and hyperlinks in documents that are displayed in a web browser.</span><span style=\"display:inherit;clear:left;\">iXBRL tags (inline XBRL tags) are hidden metainformation embedded in the source code of an XHTML document that enables the </span><span style=\"display:inherit;clear:left;\">conversion of XHTML-formatted information into a machine-readable XBRL data record using appropriate software. <span class=\"_ _7\"></span>A financial </span><span style=\"display:inherit;clear:left;\">reporting taxonomy is an electronic dictionary of business reporting elements used to report business data. A taxonomy element is </span><span style=\"display:inherit;clear:left;\">an element defined in a taxonomy that is used for the machine-readable labelling of information in an XBRL data record.</span><span style=\"display:inherit;clear:left;\">Section 9.3</span><span style=\"display:inherit;clear:left;\">Changes in accounting policies</span><span style=\"display:inherit;clear:left;\">Changed accounting policies and classification in the <span class=\"_ _7\"></span>Annual Report 2025</span><span style=\"display:inherit;clear:left;\">The Annual Report 2025 has been prepared using the same accounting policies for recognition and measurement as those applied to </span><span style=\"display:inherit;clear:left;\">the consolidated financial statements for 2024, except for the following Amendments <span class=\"_ _7\"></span>adopted as of 1 January 2025: </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Amendment to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u201d</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Amendments to IFRS 9 and IFRS 7: \u201cContracts Referencing Nature\u2011dependent Electricity\u201d</span><span style=\"display:inherit;clear:left;\">These Amendments cover areas that are not material and/or relevant for the Group.</span><span style=\"display:inherit;clear:left;\">Section 9.5</span><span style=\"display:inherit;clear:left;\">Key definitions</span><span style=\"display:inherit;clear:left;\">Glossary and calculation of key figures and financial ratios disclosed in the Annual Report</span><span style=\"display:inherit;clear:left;\">FINANCIAL RATIOS</span><span style=\"display:inherit;clear:left;\">Gross margin<span class=\"_ _17b\"> </span><span class=\"ff8\">Gross profit as a percentage of revenue.</span></span><span style=\"display:inherit;clear:left;\">EBITDA margin</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">Operating profit before depreciation, amortisation and impairment losses as a percentage of revenue.</span><span style=\"display:inherit;clear:left;\">Operating margin<span class=\"_ _186\"> </span><span class=\"ff8\">Operating profit before special items</span></span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\"> as a percentage of revenue.</span><span style=\"display:inherit;clear:left;\">Return on invested capital (ROIC)<span class=\"_ _1db\"> </span><span class=\"ff8\">Operating profit before special items</span></span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\"> adjusted for tax as a percentage of average invested capital</span><span style=\"display:inherit;clear:left;\">2</span><span style=\"display:inherit;clear:left;\"> calculated as a </span><span style=\"display:inherit;clear:left;\">12-month rolling average (MAT).</span><span style=\"display:inherit;clear:left;\">Return on invested capital excluding </span><span style=\"display:inherit;clear:left;\">Operating profit before special items</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\"> adjusted for tax as a percentage of average invested capital</span><span style=\"display:inherit;clear:left;\">2  </span><span style=\"display:inherit;clear:left;\">excluding </span><span style=\"display:inherit;clear:left;\">goodwill (ROIC excl. goodwill)</span><span style=\"display:inherit;clear:left;\">goodwill calculated as a 12-month rolling average (MAT).</span><span style=\"display:inherit;clear:left;\">Return on invested capital (ROIC) (MPM)<span class=\"_ _7e\"> </span><span class=\"ff8\">Operating profit before special items (MPM)</span></span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\"> adjusted for tax as a percentage of average invested capital</span><span style=\"display:inherit;clear:left;\">2</span><span style=\"display:inherit;clear:left;\"> calculated </span><span style=\"display:inherit;clear:left;\">as a 12-month rolling average (MAT). The invested capital excludes the intangible assets recognised in purchase price </span><span style=\"display:inherit;clear:left;\">allocations and includes instead the goodwill that would have been recognised had the intangible assets not been </span><span style=\"display:inherit;clear:left;\">recognised separately in the purchase price allocations, including the effect of deferred tax.</span><span style=\"display:inherit;clear:left;\">Return on invested capital excluding </span><span style=\"display:inherit;clear:left;\">Operating profit before special items (MPM)</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\"> adjusted for tax as a percentage of average invested capital</span><span style=\"display:inherit;clear:left;\">2  </span><span style=\"display:inherit;clear:left;\">excluding </span><span style=\"display:inherit;clear:left;\">goodwill (ROIC excl. goodwill) (MPM)</span><span style=\"display:inherit;clear:left;\">goodwill and intangible assets recognised in purchase price allocations calculated as a 12-month rolling average </span><span style=\"display:inherit;clear:left;\">(MAT).</span><span style=\"display:inherit;clear:left;\">Effective tax rate</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">Income tax as a percentage of profit before tax.</span><span style=\"display:inherit;clear:left;\">NIBD/EBITDA</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">Net interest-bearing debt</span><span style=\"display:inherit;clear:left;\">3</span><span style=\"display:inherit;clear:left;\"> divided by operating profit before depreciation, amortisation and impairment losses.</span><span style=\"display:inherit;clear:left;\">STOCK MARKET RATIOS</span><span style=\"display:inherit;clear:left;\">Earnings per share (EPS)<span class=\"_ _ab\"> </span><span class=\"ff8\">Profit for the period, excluding non-controlling interests, divided by the average number of shares.</span></span><span style=\"display:inherit;clear:left;\">Earnings per share, diluted (EPS-D)<span class=\"_ _10f\"> </span><span class=\"ff8\">Profit for the period, excluding non-controlling interests, divided by the average number of shares, fully diluted for </span></span><span style=\"display:inherit;clear:left;\">share options and performance shares in the money.</span><span style=\"display:inherit;clear:left;\">Earnings per share, adjusted (EPS-A)<span class=\"_ _174\"> </span><span class=\"ff8\">Profit for the period adjusted for special items after tax</span></span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">, excluding non-controlling interests and special items after </span><span style=\"display:inherit;clear:left;\">tax in the discontinued operations, divided by the average number of shares.</span><span style=\"display:inherit;clear:left;\">EPS-A, continuing operations<span class=\"_ _f0\"> </span><span class=\"ff8\">Profit for the period adjusted for special items after tax</span></span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">, excluding non-controlling interests and net result from the </span><span style=\"display:inherit;clear:left;\">discontinued operations, divided by the average number of shares.</span><span style=\"display:inherit;clear:left;\">Free cash flow per share (FCFPS)</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">Free cash flow<span class=\"fff\">\u2074</span> divided by the average number of shares, fully diluted for share options and performance<span class=\"_ _7\"></span> shares in </span><span style=\"display:inherit;clear:left;\">the money.</span><span style=\"display:inherit;clear:left;\">STOCK MARKET RATIOS (CONTINUED)</span><span style=\"display:inherit;clear:left;\">Payout ratio<span class=\"_ _188\"> </span><span class=\"ff8\">Proposed dividend for the year as a percentage of consolidated profit, excluding non-controlling interests.</span></span><span style=\"display:inherit;clear:left;\">Payout ratio, adjusted<span class=\"_ _25a\"> </span><span class=\"ff8\">Proposed dividend for the year on number of shares at year-end as a percentage of consolidated profit, adjusted for </span></span><span style=\"display:inherit;clear:left;\">special items after tax</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">, excluding non-controlling interests.</span><span style=\"display:inherit;clear:left;\">Market capitalisation<span class=\"_ _17a\"> </span><span class=\"ff8\">Number of shares at year-end multiplied by the share price.</span></span><span style=\"display:inherit;clear:left;\">Average number of issued shares<span class=\"_ _40\"> </span><span class=\"ff8\">Number of issued shares as an average for the year.</span></span><span style=\"display:inherit;clear:left;\">Average number of shares<span class=\"_ _19c\"> </span><span class=\"ff8\">Number of issued shares, excluding treasury shares, as an average for the year.</span></span><span style=\"display:inherit;clear:left;\">Number of shares at year-end<span class=\"_ _81\"> </span><span class=\"ff8\">Total number of issued shares, excluding treasury shares, at year-end.</span></span><span style=\"display:inherit;clear:left;\">GLOSSARY</span><span style=\"display:inherit;clear:left;\">EBITDA</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">Operating profit before depreciation, amortisation and impairment losses.</span><span style=\"display:inherit;clear:left;\">Free cash flow</span><span style=\"display:inherit;clear:left;\">4</span><span style=\"display:inherit;clear:left;\">Cash flow from operating activities less cash flow from investing activities.</span><span style=\"display:inherit;clear:left;\">Free operating cash flow<span class=\"_ _1c5\"> </span><span class=\"ff8\">Cash flow from operating activities less operational investments.</span></span><span style=\"display:inherit;clear:left;\">Leverage ratio</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">NIBD/EBITDA.</span><span style=\"display:inherit;clear:left;\">MPM</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">Management-defined performance measures. Line items, subtotals, aggregations of line items and ratios adjusted </span><span style=\"display:inherit;clear:left;\">for amortisation of intangible assets recognised in purchase price allocations.</span><span style=\"display:inherit;clear:left;\">NCI<span class=\"_ _106\"> </span><span class=\"ff8\">Non-controlling interests.</span></span><span style=\"display:inherit;clear:left;\">OCI<span class=\"_ _106\"> </span><span class=\"ff8\">Other comprehensive income.</span></span><span style=\"display:inherit;clear:left;\">Off-trade<span class=\"_ _e3\"> </span><span class=\"ff8\">Sale of beverages for consumption off the premises (e.g. retailers).</span></span><span style=\"display:inherit;clear:left;\">On-trade<span class=\"_ _34d\"> </span><span class=\"ff8\">Sale of beverages for consumption on the premises (e.g. restaurants, hotels and bars).</span></span><span style=\"display:inherit;clear:left;\">Operating profit<span class=\"_ _dd\"> </span><span class=\"ff8\">Operating profit before special items</span></span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">.</span><span style=\"display:inherit;clear:left;\">Reported figures<span class=\"_ _d9\"> </span><span class=\"ff8\">Reported figures include organic growth, net acquisitions and foreign exchange effects.</span></span><span style=\"display:inherit;clear:left;\">Organic development</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">Measure of growth excluding the impact of acquisitions, disposals and foreign exchange from year-on-year </span><span style=\"display:inherit;clear:left;\">comparisons.</span><span style=\"display:inherit;clear:left;\">Volumes</span><span style=\"display:inherit;clear:left;\">1</span><span style=\"display:inherit;clear:left;\">The Group\u2019s sale of beverages in consolidated entities and sale of the Group\u2019s products under licence agreements.</span><span style=\"display:inherit;clear:left;\"> This key figure, ratio or elements thereof is not defined in or deviates from the definitions<span class=\"_ _7\"></span> of the Danish Finance Society.</span><span style=\"display:inherit;clear:left;\">\u00b2 The calculation of invested capital is specified in section 2.1.</span><span style=\"display:inherit;clear:left;\">\u00b3 The calculation of net interest-bearing debt is specified in section 4.6.</span><span style=\"display:inherit;clear:left;\">4 </span><span style=\"display:inherit;clear:left;\">The calculation of free cash flow is specified in the statement of cash flows.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__16-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Segment information </span><span style=\"display:inherit;clear:left;\">The Group\u2019s beverage activities are segmented according to the three geographical regions where sales take place. These regions </span><span style=\"display:inherit;clear:left;\">make up the Group\u2019s operating and reportable segments. </span><span style=\"display:inherit;clear:left;\">The segmentation reflects the geographical and strategic management, decision and reporting structure applied by the Executive </span><span style=\"display:inherit;clear:left;\">Committee (ExCom) for monitoring the Group\u2019s strategic and financial targets. Segments are managed based on business </span><span style=\"display:inherit;clear:left;\">performance measured as operating profit before special items adjusted for amortisation of intangible assets recognised in </span><span style=\"display:inherit;clear:left;\">purchase price allocation, and follows the reporting to the Group\u2019s Chief Operating Decision Makers (ExCom). </span><span style=\"display:inherit;clear:left;\">The geographical allocation of revenue and non-current assets is based on the selling entities\u2019 domicile and comprises countries </span><span style=\"display:inherit;clear:left;\">individually accounting for more than 10% of the Group\u2019s consolidated revenue as well as the domicile country. </span><span style=\"display:inherit;clear:left;\">Decisions on items included in special items such as significant impairments, restructurings, disposals and step acquisitions of </span><span style=\"display:inherit;clear:left;\">entities as well as on financing (financial income and expenses) are made based on information for the Group as a whole and </span><span style=\"display:inherit;clear:left;\">therefore not segmented. A similar approach is taken regarding tax associated with these transactions. The segmentation of the </span><span style=\"display:inherit;clear:left;\">Group\u2019s assets and returns is disclosed in section 2.1.</span><span style=\"display:inherit;clear:left;\">The Group\u2019s assets and returns are segmented on the basis of geographical regions in accordance with the management reporting </span><span style=\"display:inherit;clear:left;\">for the current year, cf. section 1.2.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__19-1": {
   "value": "<span style=\"display:inherit;clear:left;\">1.2.1 Revenue </span><span style=\"display:inherit;clear:left;\">Revenue and excise duties</span><span style=\"display:inherit;clear:left;position:relative;height:65.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Revenue, including excise duties</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 449.509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112,720</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100,366</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Excise duties</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 534.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-23,625</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-25,355</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 567.48px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89,095</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75,011</span></span></span><span style=\"display:inherit;clear:left;\">Geographical allocation of revenue</span><span style=\"display:inherit;clear:left;position:relative;height:99.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Denmark (Carlsberg A/S\u2019 domicile)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 445.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,039</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18,760</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,249</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,574</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,883</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other countries</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">52,627</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,840</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.7441px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 567.48px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89,095</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75,011</span></span></span><span style=\"display:inherit;clear:left;\">The Group\u2019s revenue arises primarily from the sale of beverages to its customers. In <span class=\"_ _7\"></span>2025, total revenue was positively impacted by </span><span style=\"display:inherit;clear:left;\">the acquisition of Britvic. Revenue growth was negatively impacted by soft consumer sentiment in most market, the loss of San </span><span style=\"display:inherit;clear:left;\">Miguel in the UK and adverse currencies, mainly in China, Laos, Vietnam, Kazakhstan and Ukraine.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The Group considers all terms and activities in contracts with customers in order to determine the performance obligation, the </span><span style=\"display:inherit;clear:left;\">transaction price and the allocation of the transaction price.</span><span style=\"display:inherit;clear:left;\">If the consideration in a contract includes a variable amount, the Group estimates the consideration to which it will be entitled in </span><span style=\"display:inherit;clear:left;\">exchange for transferring goods to the customer. The variable consideration is estimated at contract inception based on expected </span><span style=\"display:inherit;clear:left;\">sales volumes using historical and year-to-date sales data and other information about trading with the individual customer or with </span><span style=\"display:inherit;clear:left;\">a group of customers. </span><span style=\"display:inherit;clear:left;\">The Group estimates discounts using either the expected value method or the most likely amount method, depending on which </span><span style=\"display:inherit;clear:left;\">method better predicts the amount of consideration to which it will be entitled. </span><span style=\"display:inherit;clear:left;\">The most likely amount method is used for contracts with a single contract sum, while the expected value method is used for </span><span style=\"display:inherit;clear:left;\">contracts with more than one threshold because of the complexity and the activities agreed with the individual customer.</span><span style=\"display:inherit;clear:left;\">Certain contracts related to specific major events that are held within such a short time period that it is not possible to sell all the </span><span style=\"display:inherit;clear:left;\">goods during the event (e.g. football matches) give the customer the right to return the goods within a specified period.</span><span style=\"display:inherit;clear:left;\">The Group uses the expected value method to estimate the goods that will not be returned, as this method best predicts the </span><span style=\"display:inherit;clear:left;\">amount of variable consideration to which the Group will be entitled. For goods that are expected to be returned, the Group </span><span style=\"display:inherit;clear:left;\">recognises a refund liability instead of revenue.</span><span style=\"display:inherit;clear:left;\">Management makes judgements when deciding whether supporting activities with customers should be classified as a discount or a </span><span style=\"display:inherit;clear:left;\">marketing expense. Generally, activities with an individual customer are accounted for as a discount, whereas costs related to </span><span style=\"display:inherit;clear:left;\">broader marketing activities are classified as marketing expenses.</span><span style=\"display:inherit;clear:left;\">Whether the Group is acting as a principal or an agent is assessed by management on a country-by-country basis. The Group has </span><span style=\"display:inherit;clear:left;\">concluded that it acts as the principal in its revenue arrangements because it controls the goods before transferring them to </span><span style=\"display:inherit;clear:left;\">the\ue7fecustomer.</span><span style=\"display:inherit;clear:left;\">Excise duties, taxes and fees</span><span style=\"display:inherit;clear:left;\">The classification of duties, taxes and fees paid to local authorities or brewery organisations etc. requires management to make </span><span style=\"display:inherit;clear:left;\">judgements on the classification. </span><span style=\"display:inherit;clear:left;\">Locally imposed duties, taxes and fees are typically based on product type, alcohol content, consumption of certain raw materials, </span><span style=\"display:inherit;clear:left;\">such as glue, plastic or metal in caps, and energy consumption. These are classified as either sales- or production-related.</span><span style=\"display:inherit;clear:left;\">Excise duties are generally imposed by the tax authorities as taxes on consumption and are collected by the Group on behalf of the </span><span style=\"display:inherit;clear:left;\">authorities when the goods are transferred to the customers and thereby ready for consumption. </span><span style=\"display:inherit;clear:left;\">Taxes and fees related to the input/use of goods in production, distribution etc. are recognised as part of the cost of the goods or </span><span style=\"display:inherit;clear:left;\">services purchased. The type of authority or organisation imposing the duty, tax or fee and the objective of this are key factors </span><span style=\"display:inherit;clear:left;\">when determining the classification.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Revenue</span><span style=\"display:inherit;clear:left;\">Recognition and measurement</span><span style=\"display:inherit;clear:left;\">Revenue from contracts with customers comprises sales of goods, royalty income, rental income from non-stationary equipment, </span><span style=\"display:inherit;clear:left;\">service fees and sales of by-products.</span><span style=\"display:inherit;clear:left;\">Revenue from the sale of own-produced finished goods, goods for resale (third-party products) and by-products is recognised at </span><span style=\"display:inherit;clear:left;\">the point in time when the control of goods and products is transferred to the customer, which is generally upon delivery. For </span><span style=\"display:inherit;clear:left;\">contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.</span><span style=\"display:inherit;clear:left;\">Revenue from sales- or usage-based royalties is recognised when (a) the customer subsequently sells or uses the goods, or (b) the </span><span style=\"display:inherit;clear:left;\">performance obligation to which some or all of the sales- or usage-based royalty has been allocated is satisfied (or partially </span><span style=\"display:inherit;clear:left;\">satisfied), whichever is later.</span><span style=\"display:inherit;clear:left;\">Revenue from contracts with customers is measured at an amount that reflects the expected consideration for those goods. </span><span style=\"display:inherit;clear:left;\">Amounts disclosed as revenue exclude discounts, VAT and excise duties collected on behalf of authorities.</span><span style=\"display:inherit;clear:left;\">The Group considers whether contracts include separate performance obligations to which a portion of the transaction price needs </span><span style=\"display:inherit;clear:left;\">to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of </span><span style=\"display:inherit;clear:left;\">financing is deemed present, as payment is generally made on the basis of cash on delivery or up to 30 days of credit.</span><span style=\"display:inherit;clear:left;\">Variable consideration </span><span style=\"display:inherit;clear:left;\">The Group offers various discounts depending on the nature of the customer and business.</span><span style=\"display:inherit;clear:left;\">Discounts comprise off-invoice discounts, volume- and activity-related discounts, including specific promotion prices offered, and </span><span style=\"display:inherit;clear:left;\">other discounts. Furthermore, discounts include the difference between the present value and the nominal amount of on-trade </span><span style=\"display:inherit;clear:left;\">loans to customers, cf. section 1.5. </span><span style=\"display:inherit;clear:left;\">Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in the sales price. This also </span><span style=\"display:inherit;clear:left;\">includes cash discounts and incentives for early payments. </span><span style=\"display:inherit;clear:left;\">Volume- and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a </span><span style=\"display:inherit;clear:left;\">longer time and may be related to a current campaign or a sales target measured in volumes or total value. Examples include </span><span style=\"display:inherit;clear:left;\">discounts paid as a lump sum, discounts for meeting certain sales targets or progressive discounts offered in step with increasing </span><span style=\"display:inherit;clear:left;\">sales to a customer. </span><span style=\"display:inherit;clear:left;\">Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store locations, as specific </span><span style=\"display:inherit;clear:left;\">promotions of this nature are closely related to the volumes sold.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__18-1": {
   "value": "<span style=\"display:inherit;clear:left;\">1.2.1 Revenue </span><span style=\"display:inherit;clear:left;\">Revenue and excise duties</span><span style=\"display:inherit;clear:left;position:relative;height:65.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Revenue, including excise duties</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 449.509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112,720</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100,366</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Excise duties</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 534.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-23,625</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-25,355</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 567.48px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89,095</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75,011</span></span></span><span style=\"display:inherit;clear:left;\">Geographical allocation of revenue</span><span style=\"display:inherit;clear:left;position:relative;height:99.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Denmark (Carlsberg A/S\u2019 domicile)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 445.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,039</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18,760</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,249</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,574</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,883</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other countries</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">52,627</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,840</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.7441px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 567.48px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89,095</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75,011</span></span></span><span style=\"display:inherit;clear:left;\">The Group\u2019s revenue arises primarily from the sale of beverages to its customers. In <span class=\"_ _7\"></span>2025, total revenue was positively impacted by </span><span style=\"display:inherit;clear:left;\">the acquisition of Britvic. Revenue growth was negatively impacted by soft consumer sentiment in most market, the loss of San </span><span style=\"display:inherit;clear:left;\">Miguel in the UK and adverse currencies, mainly in China, Laos, Vietnam, Kazakhstan and Ukraine.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The Group considers all terms and activities in contracts with customers in order to determine the performance obligation, the </span><span style=\"display:inherit;clear:left;\">transaction price and the allocation of the transaction price.</span><span style=\"display:inherit;clear:left;\">If the consideration in a contract includes a variable amount, the Group estimates the consideration to which it will be entitled in </span><span style=\"display:inherit;clear:left;\">exchange for transferring goods to the customer. The variable consideration is estimated at contract inception based on expected </span><span style=\"display:inherit;clear:left;\">sales volumes using historical and year-to-date sales data and other information about trading with the individual customer or with </span><span style=\"display:inherit;clear:left;\">a group of customers. </span><span style=\"display:inherit;clear:left;\">The Group estimates discounts using either the expected value method or the most likely amount method, depending on which </span><span style=\"display:inherit;clear:left;\">method better predicts the amount of consideration to which it will be entitled. </span><span style=\"display:inherit;clear:left;\">The most likely amount method is used for contracts with a single contract sum, while the expected value method is used for </span><span style=\"display:inherit;clear:left;\">contracts with more than one threshold because of the complexity and the activities agreed with the individual customer.</span><span style=\"display:inherit;clear:left;\">Certain contracts related to specific major events that are held within such a short time period that it is not possible to sell all the </span><span style=\"display:inherit;clear:left;\">goods during the event (e.g. football matches) give the customer the right to return the goods within a specified period.</span><span style=\"display:inherit;clear:left;\">The Group uses the expected value method to estimate the goods that will not be returned, as this method best predicts the </span><span style=\"display:inherit;clear:left;\">amount of variable consideration to which the Group will be entitled. For goods that are expected to be returned, the Group </span><span style=\"display:inherit;clear:left;\">recognises a refund liability instead of revenue.</span><span style=\"display:inherit;clear:left;\">Management makes judgements when deciding whether supporting activities with customers should be classified as a discount or a </span><span style=\"display:inherit;clear:left;\">marketing expense. Generally, activities with an individual customer are accounted for as a discount, whereas costs related to </span><span style=\"display:inherit;clear:left;\">broader marketing activities are classified as marketing expenses.</span><span style=\"display:inherit;clear:left;\">Whether the Group is acting as a principal or an agent is assessed by management on a country-by-country basis. The Group has </span><span style=\"display:inherit;clear:left;\">concluded that it acts as the principal in its revenue arrangements because it controls the goods before transferring them to </span><span style=\"display:inherit;clear:left;\">the\ue7fecustomer.</span><span style=\"display:inherit;clear:left;\">Excise duties, taxes and fees</span><span style=\"display:inherit;clear:left;\">The classification of duties, taxes and fees paid to local authorities or brewery organisations etc. requires management to make </span><span style=\"display:inherit;clear:left;\">judgements on the classification. </span><span style=\"display:inherit;clear:left;\">Locally imposed duties, taxes and fees are typically based on product type, alcohol content, consumption of certain raw materials, </span><span style=\"display:inherit;clear:left;\">such as glue, plastic or metal in caps, and energy consumption. These are classified as either sales- or production-related.</span><span style=\"display:inherit;clear:left;\">Excise duties are generally imposed by the tax authorities as taxes on consumption and are collected by the Group on behalf of the </span><span style=\"display:inherit;clear:left;\">authorities when the goods are transferred to the customers and thereby ready for consumption. </span><span style=\"display:inherit;clear:left;\">Taxes and fees related to the input/use of goods in production, distribution etc. are recognised as part of the cost of the goods or </span><span style=\"display:inherit;clear:left;\">services purchased. The type of authority or organisation imposing the duty, tax or fee and the objective of this are key factors </span><span style=\"display:inherit;clear:left;\">when determining the classification.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Revenue</span><span style=\"display:inherit;clear:left;\">Recognition and measurement</span><span style=\"display:inherit;clear:left;\">Revenue from contracts with customers comprises sales of goods, royalty income, rental income from non-stationary equipment, </span><span style=\"display:inherit;clear:left;\">service fees and sales of by-products.</span><span style=\"display:inherit;clear:left;\">Revenue from the sale of own-produced finished goods, goods for resale (third-party products) and by-products is recognised at </span><span style=\"display:inherit;clear:left;\">the point in time when the control of goods and products is transferred to the customer, which is generally upon delivery. For </span><span style=\"display:inherit;clear:left;\">contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.</span><span style=\"display:inherit;clear:left;\">Revenue from sales- or usage-based royalties is recognised when (a) the customer subsequently sells or uses the goods, or (b) the </span><span style=\"display:inherit;clear:left;\">performance obligation to which some or all of the sales- or usage-based royalty has been allocated is satisfied (or partially </span><span style=\"display:inherit;clear:left;\">satisfied), whichever is later.</span><span style=\"display:inherit;clear:left;\">Revenue from contracts with customers is measured at an amount that reflects the expected consideration for those goods. </span><span style=\"display:inherit;clear:left;\">Amounts disclosed as revenue exclude discounts, VAT and excise duties collected on behalf of authorities.</span><span style=\"display:inherit;clear:left;\">The Group considers whether contracts include separate performance obligations to which a portion of the transaction price needs </span><span style=\"display:inherit;clear:left;\">to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of </span><span style=\"display:inherit;clear:left;\">financing is deemed present, as payment is generally made on the basis of cash on delivery or up to 30 days of credit.</span><span style=\"display:inherit;clear:left;\">Variable consideration </span><span style=\"display:inherit;clear:left;\">The Group offers various discounts depending on the nature of the customer and business.</span><span style=\"display:inherit;clear:left;\">Discounts comprise off-invoice discounts, volume- and activity-related discounts, including specific promotion prices offered, and </span><span style=\"display:inherit;clear:left;\">other discounts. Furthermore, discounts include the difference between the present value and the nominal amount of on-trade </span><span style=\"display:inherit;clear:left;\">loans to customers, cf. section 1.5. </span><span style=\"display:inherit;clear:left;\">Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in the sales price. This also </span><span style=\"display:inherit;clear:left;\">includes cash discounts and incentives for early payments. </span><span style=\"display:inherit;clear:left;\">Volume- and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a </span><span style=\"display:inherit;clear:left;\">longer time and may be related to a current campaign or a sales target measured in volumes or total value. Examples include </span><span style=\"display:inherit;clear:left;\">discounts paid as a lump sum, discounts for meeting certain sales targets or progressive discounts offered in step with increasing </span><span style=\"display:inherit;clear:left;\">sales to a customer. </span><span style=\"display:inherit;clear:left;\">Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store locations, as specific </span><span style=\"display:inherit;clear:left;\">promotions of this nature are closely related to the volumes sold.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__23-1": {
   "value": "<span style=\"display:inherit;clear:left;\">The Group considers all terms and activities in contracts with customers in order to determine the performance obligation, the </span><span style=\"display:inherit;clear:left;\">transaction price and the allocation of the transaction price.</span><span style=\"display:inherit;clear:left;\">If the consideration in a contract includes a variable amount, the Group estimates the consideration to which it will be entitled in </span><span style=\"display:inherit;clear:left;\">exchange for transferring goods to the customer. The variable consideration is estimated at contract inception based on expected </span><span style=\"display:inherit;clear:left;\">sales volumes using historical and year-to-date sales data and other information about trading with the individual customer or with </span><span style=\"display:inherit;clear:left;\">a group of customers. </span><span style=\"display:inherit;clear:left;\">The Group estimates discounts using either the expected value method or the most likely amount method, depending on which </span><span style=\"display:inherit;clear:left;\">method better predicts the amount of consideration to which it will be entitled. </span><span style=\"display:inherit;clear:left;\">The most likely amount method is used for contracts with a single contract sum, while the expected value method is used for </span><span style=\"display:inherit;clear:left;\">contracts with more than one threshold because of the complexity and the activities agreed with the individual customer.</span><span style=\"display:inherit;clear:left;\">Certain contracts related to specific major events that are held within such a short time period that it is not possible to sell all the </span><span style=\"display:inherit;clear:left;\">goods during the event (e.g. football matches) give the customer the right to return the goods within a specified period.</span><span style=\"display:inherit;clear:left;\">The Group uses the expected value method to estimate the goods that will not be returned, as this method best predicts the </span><span style=\"display:inherit;clear:left;\">amount of variable consideration to which the Group will be entitled. For goods that are expected to be returned, the Group </span><span style=\"display:inherit;clear:left;\">recognises a refund liability instead of revenue.</span><span style=\"display:inherit;clear:left;\">Management makes judgements when deciding whether supporting activities with customers should be classified as a discount or a </span><span style=\"display:inherit;clear:left;\">marketing expense. Generally, activities with an individual customer are accounted for as a discount, whereas costs related to </span><span style=\"display:inherit;clear:left;\">broader marketing activities are classified as marketing expenses.</span><span style=\"display:inherit;clear:left;\">Whether the Group is acting as a principal or an agent is assessed by management on a country-by-country basis. The Group has </span><span style=\"display:inherit;clear:left;\">concluded that it acts as the principal in its revenue arrangements because it controls the goods before transferring them to </span><span style=\"display:inherit;clear:left;\">the\ue7fecustomer.</span><span style=\"display:inherit;clear:left;\">Excise duties, taxes and fees</span><span style=\"display:inherit;clear:left;\">The classification of duties, taxes and fees paid to local authorities or brewery organisations etc. requires management to make </span><span style=\"display:inherit;clear:left;\">judgements on the classification. </span><span style=\"display:inherit;clear:left;\">Locally imposed duties, taxes and fees are typically based on product type, alcohol content, consumption of certain raw materials, </span><span style=\"display:inherit;clear:left;\">such as glue, plastic or metal in caps, and energy consumption. These are classified as either sales- or production-related.</span><span style=\"display:inherit;clear:left;\">Excise duties are generally imposed by the tax authorities as taxes on consumption and are collected by the Group on behalf of the </span><span style=\"display:inherit;clear:left;\">authorities when the goods are transferred to the customers and thereby ready for consumption. </span><span style=\"display:inherit;clear:left;\">Taxes and fees related to the input/use of goods in production, distribution etc. are recognised as part of the cost of the goods or </span><span style=\"display:inherit;clear:left;\">services purchased. The type of authority or organisation imposing the duty, tax or fee and the objective of this are key factors </span><span style=\"display:inherit;clear:left;\">when determining the classification.</span><span style=\"display:inherit;clear:left;\">At least once a year, management assesses whether the standard cost of inventories approximates the actual cost. During the year, </span><span style=\"display:inherit;clear:left;\">the standard cost is revised if it deviates by more than 5% from the actual cost. Indirect production overheads are calculated on the </span><span style=\"display:inherit;clear:left;\">basis of relevant assumptions as to capacity utilisation, production time and other factors. </span><span style=\"display:inherit;clear:left;\">The calculation of the net realisable value of inventories is relevant to packaging materials, point-of-sale materials and spare parts. </span><span style=\"display:inherit;clear:left;\">The net realisable value is normally not calculated for beer and soft drinks due to their limited shelf-life, which means that slow-</span><span style=\"display:inherit;clear:left;\">moving goods must be scrapped instead.</span><span style=\"display:inherit;clear:left;\">The deposit on returnable packaging materials is estimated based on movements in recognised liabilities during the year, loss of </span><span style=\"display:inherit;clear:left;\">returnable packaging materials in the market, planned changes in packaging types and historical information about return rates.</span><span style=\"display:inherit;clear:left;\">On-<span class=\"_ _7\"></span>trade<span class=\"_ _7\"></span> loa<span class=\"_ _7\"></span>n agr<span class=\"_ _7\"></span>eeme<span class=\"_ _7\"></span>nts <span class=\"_ _7\"></span>are c<span class=\"_ _7\"></span>ompl<span class=\"_ _7\"></span>ex, <span class=\"_ _7\"></span>cover<span class=\"_ _7\"></span> sev<span class=\"_ _7\"></span>eral <span class=\"_ _7\"></span>aspe<span class=\"_ _7\"></span>cts o<span class=\"_ _7\"></span>f th<span class=\"_ _7\"></span>e cu<span class=\"_ _7\"></span>stome<span class=\"_ _7\"></span>r re<span class=\"_ _7\"></span>lati<span class=\"_ _7\"></span>onshi<span class=\"_ _7\"></span>p an<span class=\"_ _7\"></span>d may<span class=\"_ _7\"></span> var<span class=\"_ _7\"></span>y fro<span class=\"_ _7\"></span>m ag<span class=\"_ _7\"></span>reem<span class=\"_ _7\"></span>ent t<span class=\"_ _7\"></span>o </span><span style=\"display:inherit;clear:left;\">agr<span class=\"_ _7\"></span>eemen<span class=\"_ _7\"></span>t. M<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> ass<span class=\"_ _7\"></span>esses<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> rec<span class=\"_ _7\"></span>ognit<span class=\"_ _7\"></span>ion <span class=\"_ _7\"></span>and c<span class=\"_ _7\"></span>lass<span class=\"_ _7\"></span>ifica<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>ncom<span class=\"_ _7\"></span>e and<span class=\"_ _7\"></span> exp<span class=\"_ _7\"></span>ense<span class=\"_ _7\"></span>s for<span class=\"_ _7\"></span> eac<span class=\"_ _7\"></span>h agr<span class=\"_ _7\"></span>eeme<span class=\"_ _7\"></span>nt, <span class=\"_ _7\"></span>inclu<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _7\"></span>ocati<span class=\"_ _7\"></span>on o<span class=\"_ _7\"></span>f pay<span class=\"_ _7\"></span>ment<span class=\"_ _7\"></span>s fr<span class=\"_ _7\"></span>om th<span class=\"_ _7\"></span>e cu<span class=\"_ _7\"></span>stome<span class=\"_ _7\"></span>r be<span class=\"_ _7\"></span>twee<span class=\"_ _7\"></span>n re<span class=\"_ _7\"></span>venue<span class=\"_ _7\"></span>, di<span class=\"_ _7\"></span>scoun<span class=\"_ _7\"></span>ts, <span class=\"_ _7\"></span>inte<span class=\"_ _7\"></span>rest <span class=\"_ _7\"></span>(oth<span class=\"_ _7\"></span>er o<span class=\"_ _7\"></span>perat<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>activ<span class=\"_ _7\"></span>itie<span class=\"_ _7\"></span>s) an<span class=\"_ _7\"></span>d re<span class=\"_ _7\"></span>paym<span class=\"_ _7\"></span>ent o<span class=\"_ _7\"></span>f th<span class=\"_ _7\"></span>e lo<span class=\"_ _7\"></span>an.<span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Management also assesses both individually and on a portfolio basis whether developments in local conditions for on-trade </span><span style=\"display:inherit;clear:left;\">customers could impact the expected credit losses. Exposure to credit risk on receivables and loans is managed locally, and credit </span><span style=\"display:inherit;clear:left;\">limits are set as considered appropriate for the customer, taking into account the current local market conditions. When assessing </span><span style=\"display:inherit;clear:left;\">the risk locally, entities assess the credit risk and adhere to Group guidelines, which include setting credit limits, encouraging cash </span><span style=\"display:inherit;clear:left;\">payment, purchasing credit insurance and holding collateral.</span><span style=\"display:inherit;clear:left;\">In assessing credit risk, management analyses the need for impairment of trade receivables and on-trade loans due to customers\u2019 </span><span style=\"display:inherit;clear:left;\">inability to pay. </span><span style=\"display:inherit;clear:left;\">Expec<span class=\"_ _7\"></span>ted cred<span class=\"_ _7\"></span>it losses<span class=\"_ _7\"></span> are ass<span class=\"_ _7\"></span>essed fo<span class=\"_ _7\"></span>r portfo<span class=\"_ _7\"></span>lios of r<span class=\"_ _7\"></span>eceivabl<span class=\"_ _7\"></span>es based<span class=\"_ _7\"></span> on cust<span class=\"_ _7\"></span>omer seg<span class=\"_ _7\"></span>ments, h<span class=\"_ _7\"></span>istorical<span class=\"_ _7\"></span> informa<span class=\"_ _7\"></span>tion on <span class=\"_ _7\"></span>payment </span><span style=\"display:inherit;clear:left;\">patte<span class=\"_ _7\"></span>rns, ter<span class=\"_ _7\"></span>ms of pay<span class=\"_ _7\"></span>ment and<span class=\"_ _7\"></span> concen<span class=\"_ _7\"></span>tration m<span class=\"_ _7\"></span>aturity<span class=\"_ _7\"></span>. The exp<span class=\"_ _7\"></span>ected im<span class=\"_ _7\"></span>pact inc<span class=\"_ _7\"></span>ludes th<span class=\"_ _7\"></span>e risk o<span class=\"_ _7\"></span>f insolve<span class=\"_ _7\"></span>ncies du<span class=\"_ _7\"></span>e to lac<span class=\"_ _7\"></span>k of liq<span class=\"_ _7\"></span>uidity<span class=\"_ _0\"></span>. </span><span style=\"display:inherit;clear:left;\">The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher </span><span style=\"display:inherit;clear:left;\">risk than receivables from sales of goods and services and are concentrated in a few markets. The credit risk on on-trade loans can </span><span style=\"display:inherit;clear:left;\">be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s etc.). </span><span style=\"display:inherit;clear:left;\">The fair value of the pledged on-trade movables cannot be estimated reliably but is assessed to be insignificant, as they cannot </span><span style=\"display:inherit;clear:left;\">readily be reused.</span><span style=\"display:inherit;clear:left;\">The calculation of return on invested capital (ROIC) uses operating profit before special items adjusted for tax, and invested capital, </span><span style=\"display:inherit;clear:left;\">including assets held for sale and trade receivables sold, and excludes deferred considerations and income tax.</span><span style=\"display:inherit;clear:left;\">Useful life and residual value of intangible assets with finite useful life and property, </span><span style=\"display:inherit;clear:left;\">plant and equipment </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are initially assessed in both acquisitions and business combinations. </span><span style=\"display:inherit;clear:left;\">Management assesses brands and property, plant and equipment for changes in useful life. If an indication of a reduction in the </span><span style=\"display:inherit;clear:left;\">value or useful life exists, such as changes in production structure, restructuring or brewery closures, the asset is tested for </span><span style=\"display:inherit;clear:left;\">impairment. If necessary, the asset is written down or the amortisation/depreciation period is reassessed and, if necessary, adjusted </span><span style=\"display:inherit;clear:left;\">in line with the asset\u2019s changed useful life. When changing the amortisation or depreciation period due to a change in the useful life, </span><span style=\"display:inherit;clear:left;\">the effect on amortisation/depreciation is recognised prospectively as a change in accounting estimates.</span><span style=\"display:inherit;clear:left;\">Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept </span><span style=\"display:inherit;clear:left;\">returns of packaging materials from the market and the level of control. </span><span style=\"display:inherit;clear:left;\">This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These </span><span style=\"display:inherit;clear:left;\">factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">equipment and depreciated over the expected useful life.</span></span> </span><span style=\"display:inherit;clear:left;\">Lease and service contracts </span><span style=\"display:inherit;clear:left;\">At inception of a contract, management assesses whether the contract is or contains a lease. Management considers the substance </span><span style=\"display:inherit;clear:left;\">of any service being rendered to classify the arrangement as either a lease or a service contract. Particular importance is attached </span><span style=\"display:inherit;clear:left;\">to whether fulfilment of the contract depends on the use of specific assets. The assessment involves judgement as to whether the </span><span style=\"display:inherit;clear:left;\">Group obtains substantially all the economic benefits from the use of the specified asset and whether it has the right to direct how </span><span style=\"display:inherit;clear:left;\">and for what purpose the asset is used. If these criteria are satisfied at the commencement date, a right-of-use asset and a lease </span><span style=\"display:inherit;clear:left;\">liability are recognised in the statement of financial position. </span><span style=\"display:inherit;clear:left;\">In determining the lease term, management considers all the facts and circumstances that create an economic incentive to exercise </span><span style=\"display:inherit;clear:left;\">an extension or termination option. Extension or termination options are only included in the lease term if the lease is reasonably </span><span style=\"display:inherit;clear:left;\">certain to be extended or not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of </span><span style=\"display:inherit;clear:left;\">purchase options follows the same principles as those applied for extension options. </span><span style=\"display:inherit;clear:left;\">The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not objectively assessable, </span><span style=\"display:inherit;clear:left;\">the Group estimates the costs when separating the service component from the lease.</span><span style=\"display:inherit;clear:left;\">Goodwill</span><span style=\"display:inherit;clear:left;\">The value in use is the discounted value of the projected future cash flows. The discount rates applied are after tax and reflect </span><span style=\"display:inherit;clear:left;\">current specific risks in the individual markets.</span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;\">The cash flow is based on the budget and target plans for the next three years. Cash flows beyond the three-year period are </span><span style=\"display:inherit;clear:left;\">extrapolated using the terminal period growth rate. The budget and plans for 2026-2028 represent management\u2019s best estimate. </span><span style=\"display:inherit;clear:left;\">The cash flows are discounted using a rate that incorporates all the expectations about the future cash flows and the appropriate </span><span style=\"display:inherit;clear:left;\">risk premium for each CGU. The interest rates used in the impairment tests are based on observable market data. Please refer to </span><span style=\"display:inherit;clear:left;\">the description of discount rates in the section below. </span><span style=\"display:inherit;clear:left;\">The key assumptions on which management bases its cash flow projections are:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Volumes</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Sales prices</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Input costs</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Operating investments</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Terminal period growth</span><span style=\"display:inherit;clear:left;\">The assumptions are determined at CGU level and are based on past experience, external sources of information and industry-</span><span style=\"display:inherit;clear:left;\">relevant observations for each CGU. Local conditions, such as expected developments in macroeconomic and market conditions </span><span style=\"display:inherit;clear:left;\">specific to the individual CGUs, are taken into consideration. The assumptions are challenged and verified by management at CGU </span><span style=\"display:inherit;clear:left;\">and Group level. </span><span style=\"display:inherit;clear:left;\">The budget and target plan processes consider events or circumstances that are relevant to reliably projecting the short-term </span><span style=\"display:inherit;clear:left;\">performance of each CGU. Examples include significant campaign activities, changes in excise duties etc., which may have a short-</span><span style=\"display:inherit;clear:left;\">term impact but are non-recurring. Given their short-term nature, they are not taken into consideration when estimating the </span><span style=\"display:inherit;clear:left;\">terminal period growth rate. </span><span style=\"display:inherit;clear:left;\">Volumes </span><span style=\"display:inherit;clear:left;\">Projec<span class=\"_ _7\"></span>tions ar<span class=\"_ _7\"></span>e based <span class=\"_ _7\"></span>on past <span class=\"_ _7\"></span>experien<span class=\"_ _7\"></span>ce, exte<span class=\"_ _7\"></span>rnal mar<span class=\"_ _7\"></span>ket data<span class=\"_ _7\"></span>, planne<span class=\"_ _7\"></span>d commer<span class=\"_ _7\"></span>cial ini<span class=\"_ _7\"></span>tiatives<span class=\"_ _7\"></span>, such as<span class=\"_ _7\"></span> marketi<span class=\"_ _7\"></span>ng campa<span class=\"_ _7\"></span>igns and<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">sponso<span class=\"_ _7\"></span>rships, <span class=\"_ _7\"></span>and the <span class=\"_ _7\"></span>expected<span class=\"_ _7\"></span> impact <span class=\"_ _7\"></span>on consu<span class=\"_ _7\"></span>mer dema<span class=\"_ _7\"></span>nd and t<span class=\"_ _7\"></span>he level<span class=\"_ _7\"></span> of prem<span class=\"_ _7\"></span>iumisatio<span class=\"_ _7\"></span>n. If re<span class=\"_ _7\"></span>levant, <span class=\"_ _7\"></span>the proj<span class=\"_ _7\"></span>ections <span class=\"_ _7\"></span>are adju<span class=\"_ _7\"></span>sted </span><span style=\"display:inherit;clear:left;\">for th<span class=\"_ _7\"></span>e expec<span class=\"_ _7\"></span>ted chan<span class=\"_ _7\"></span>ges in th<span class=\"_ _7\"></span>e level <span class=\"_ _7\"></span>of premi<span class=\"_ _7\"></span>umisatio<span class=\"_ _7\"></span>n. No ch<span class=\"_ _7\"></span>anges in <span class=\"_ _7\"></span>market s<span class=\"_ _7\"></span>hare are<span class=\"_ _7\"></span> assumed<span class=\"_ _7\"></span> in the <span class=\"_ _7\"></span>medium or<span class=\"_ _7\"></span> long te<span class=\"_ _7\"></span>rm. </span><span style=\"display:inherit;clear:left;\">Demographic expectations general to the industry, such as the development in population, consumption levels, generation-shift </span><span style=\"display:inherit;clear:left;\">patterns, rate of urbanisation and macroeconomic trends, are also considered in medium- and long-term projections.</span><span style=\"display:inherit;clear:left;\">Events and circumstances can impact the timing of volumes entering the market. These include excessive stocking related to an </span><span style=\"display:inherit;clear:left;\">increase in excise duties, campaign activities, and the timing of national holidays and festivals. Such short-term effects are not </span><span style=\"display:inherit;clear:left;\">material to volume projections and do not impact the long-term projections.</span><span style=\"display:inherit;clear:left;\">Sales prices </span><span style=\"display:inherit;clear:left;\">The level of market premiumisation and the locally available portfolio are key drivers in identifying price points. When planning </span><span style=\"display:inherit;clear:left;\">pricing structures, factors including price elasticity, local competition and inflation expectations can also impact the projection. </span><span style=\"display:inherit;clear:left;\">Increases in excise duties are typically passed on to the customers immediately or with a delay of no more than a few months. </span><span style=\"display:inherit;clear:left;\">Since the increase is a pass-through cost and thereby compensated for by price increases at the time of implementation, it does not </span><span style=\"display:inherit;clear:left;\">impact the long-term sales price growth and is therefore not taken into consideration in the projections unless circumstances </span><span style=\"display:inherit;clear:left;\">specifically indicate otherwise. No changes to duties in the short or medium term are taken into consideration unless there is a firm </span><span style=\"display:inherit;clear:left;\">plan to introduce changes. </span><span style=\"display:inherit;clear:left;\">Significant inflationary pressure in recent years has meant revenue growth compensating for rising input costs. The short- and </span><span style=\"display:inherit;clear:left;\">medium-term forecasts include the risk of delays in increasing sales prices to compensate for future rises in input costs.</span><span style=\"display:inherit;clear:left;\">Input costs</span><span style=\"display:inherit;clear:left;\">Input costs in the budget and target plans are based on past experience and on:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Contracted raw and packaging materials</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Contracted services within sales, marketing, </span><span style=\"display:inherit;clear:left;\">production and logistics</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Planned commercial investments</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cost optimisations not related to restructurings </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Expected inflation </span><span style=\"display:inherit;clear:left;\">The elevated level of inflation in recent years has increased the overall input cost level. The short- and medium-term forecast </span><span style=\"display:inherit;clear:left;\">incorporates lower pressure on input costs compared with previous years. In the long term, projections follow the level of inflation. </span><span style=\"display:inherit;clear:left;\">Operating investments </span><span style=\"display:inherit;clear:left;\">Projections are based on past experience of the level of necessary maintenance of existing production capacity, including </span><span style=\"display:inherit;clear:left;\">replacement of parts. This also includes scheduled production line overhauls and improvements to existing equipment. </span><span style=\"display:inherit;clear:left;\">Uncommitted capacity increases and new equipment are not included.</span><span style=\"display:inherit;clear:left;\">Terminal period growth </span><span style=\"display:inherit;clear:left;\">Growth rates are projected to be equal to or below the expected rate of general inflation and assume no nominal economic growth. </span><span style=\"display:inherit;clear:left;\">The projected growth rates and the discount rates applied are compared to ensure a sensible correlation between the two.</span><span style=\"display:inherit;clear:left;\">Discount rates </span><span style=\"display:inherit;clear:left;\">The discount rate is a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the addition of a risk </span><span style=\"display:inherit;clear:left;\">premium relevant to each market. </span><span style=\"display:inherit;clear:left;\">The risk-free interest rates used in the impairment tests are based on observed market data. For countries where long-term risk-</span><span style=\"display:inherit;clear:left;\">free interest rates are not observable or valid due to specific national or macroeconomic conditions, the interest rate is estimated </span><span style=\"display:inherit;clear:left;\">based on observations from other markets and/or long-term expectations expressed by international financial institutions </span><span style=\"display:inherit;clear:left;\">considered reliable by the Group. </span><span style=\"display:inherit;clear:left;\">The added credit risk premium (spread) for the risk-free interest rate is fixed at market price or slightly higher, reflecting the </span><span style=\"display:inherit;clear:left;\">expected long-term market price. The aggregate interest rate, including spread, thereby reflects the long-term interest rate </span><span style=\"display:inherit;clear:left;\">applicable to the Group\u2019s investments in the individual markets.</span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">The test for impairment of brands is performed using the relief from royalty method and is based on the expected future cash flows </span><span style=\"display:inherit;clear:left;\">generated from the royalty payments avoided for the individual brand for the next 10 years and projections for subsequent years. </span><span style=\"display:inherit;clear:left;\">The cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the </span><span style=\"display:inherit;clear:left;\">addition of a risk premium relevant to the individual market where cash flows are generated, cf. section<span class=\"_ _7\"></span> 2.3.2. For brands where </span><span style=\"display:inherit;clear:left;\">cash flows are generated in more than one market, the cash flows generated in secondary markets are adjusted for the inflationary </span><span style=\"display:inherit;clear:left;\">difference compared with the inflation in the main market before being discounted. </span><span style=\"display:inherit;clear:left;\">Key assumptions </span><span style=\"display:inherit;clear:left;\">The key assumptions on which management bases its cash flow projection include the expected useful life, revenue growth, a </span><span style=\"display:inherit;clear:left;\">theoretical tax amortisation benefit, the royalty, terminal growth rate and the discount rate. </span><span style=\"display:inherit;clear:left;\">Expected useful life </span><span style=\"display:inherit;clear:left;\">Management has assessed that the value of brands with indefinite useful life can be maintained for an indefinite period, as these </span><span style=\"display:inherit;clear:left;\">are well-established brands in their markets, having existed for decades or even centuries. The beer and soft drinks industries are </span><span style=\"display:inherit;clear:left;\">characterised as being very stable with consistent consumer demand and a predictable competitive environment, and are expected </span><span style=\"display:inherit;clear:left;\">to be profitable for the foreseeable future. Control of the brands is legally established and enforceable indefinitely. </span><span style=\"display:inherit;clear:left;\">In management\u2019s opinion, the risk of the useful life of these brands becoming finite is minimal because of their individual market </span><span style=\"display:inherit;clear:left;\">positions and because current and planned marketing initiatives including innovation and promotional activities for beer and soft </span><span style=\"display:inherit;clear:left;\">drinks are expected to sustain their useful life.</span><span style=\"display:inherit;clear:left;\">Revenue growth </span><span style=\"display:inherit;clear:left;\">At the time of acquisition of any individual brand, a revenue growth curve is forecast based on a long-term strategic view of the risk </span><span style=\"display:inherit;clear:left;\">and opportunities relevant to the brand. The curve is projected for a 10-year horizon. This horizon reliably reflects the lengthy </span><span style=\"display:inherit;clear:left;\">process of implementing brand strategies to support a brand occupying its intended place in the Group\u2019s portfolio. The forecast </span><span style=\"display:inherit;clear:left;\">period applied is comparable to the common term of the majority of licence agreements to which the Group is party. </span><span style=\"display:inherit;clear:left;\">In the local markets, the product portfolio usually consists of local power brands and international premium brands. Following the </span><span style=\"display:inherit;clear:left;\">acquisition of Britvic, the portfolio now also includes soft drinks brands, which requires consideration of non-alcoholic beverage </span><span style=\"display:inherit;clear:left;\">market dynamics such as health trends, sugar regulations and category innovation. When projecting revenue growth for local </span><span style=\"display:inherit;clear:left;\">brands, in addition to their commercial strength \u2013 such as market share and segment position \u2013 the forecast takes into </span><span style=\"display:inherit;clear:left;\">consideration the demographics of the primary markets, including expected developments in population, consumption levels, </span><span style=\"display:inherit;clear:left;\">generation-shift patterns, rate of urbanisation, soft drinks and beer market maturity, level of premiumisation, circumstances </span><span style=\"display:inherit;clear:left;\">generally limiting the growth opportunities for alcoholic beverages and soft drinks etc. </span><span style=\"display:inherit;clear:left;\">For<span class=\"_ _7\"></span> bran<span class=\"_ _7\"></span>ds w<span class=\"_ _7\"></span>ith g<span class=\"_ _7\"></span>loba<span class=\"_ _7\"></span>l or <span class=\"_ _7\"></span>regi<span class=\"_ _7\"></span>onal <span class=\"_ _7\"></span>pres<span class=\"_ _7\"></span>ence<span class=\"_ _7\"></span>, enh<span class=\"_ _7\"></span>ance<span class=\"_ _7\"></span>d inv<span class=\"_ _7\"></span>estm<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> in p<span class=\"_ _7\"></span>rodu<span class=\"_ _7\"></span>ct de<span class=\"_ _7\"></span>velo<span class=\"_ _7\"></span>pmen<span class=\"_ _7\"></span>t and<span class=\"_ _7\"></span> mar<span class=\"_ _7\"></span>keti<span class=\"_ _7\"></span>ng ar<span class=\"_ _7\"></span>e ex<span class=\"_ _7\"></span>pect<span class=\"_ _7\"></span>ed. T<span class=\"_ _7\"></span>he e<span class=\"_ _7\"></span>xpec<span class=\"_ _7\"></span>ted </span><span style=\"display:inherit;clear:left;\">gro<span class=\"_ _7\"></span>wth r<span class=\"_ _7\"></span>ate <span class=\"_ _7\"></span>for <span class=\"_ _7\"></span>these<span class=\"_ _7\"></span> bra<span class=\"_ _7\"></span>nds i<span class=\"_ _7\"></span>s ge<span class=\"_ _7\"></span>neral<span class=\"_ _7\"></span>ly h<span class=\"_ _7\"></span>ighe<span class=\"_ _7\"></span>r tha<span class=\"_ _7\"></span>n fo<span class=\"_ _7\"></span>r mor<span class=\"_ _7\"></span>e lo<span class=\"_ _7\"></span>calis<span class=\"_ _7\"></span>ed b<span class=\"_ _7\"></span>rands<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> is u<span class=\"_ _7\"></span>sual<span class=\"_ _7\"></span>ly hi<span class=\"_ _7\"></span>ghes<span class=\"_ _7\"></span>t ear<span class=\"_ _7\"></span>ly i<span class=\"_ _7\"></span>n th<span class=\"_ _7\"></span>e 10-<span class=\"_ _7\"></span>year<span class=\"_ _7\"></span> per<span class=\"_ _7\"></span>iod. </span><span style=\"display:inherit;clear:left;\">Depending on the nominal growth expectations for the individual brand, the revenue growth in individual years may be above, </span><span style=\"display:inherit;clear:left;\">equal to or below the forecast inflation level in the markets where the brand is present. </span><span style=\"display:inherit;clear:left;\">When preparing budgets, consideration is given to events or circumstances that are relevant to reliably projecting the short-term </span><span style=\"display:inherit;clear:left;\">performance of each brand. Examples include significant campaign activities and changes in excise duties etc., which may have a </span><span style=\"display:inherit;clear:left;\">short-term impact but are non-recurring and quickly absorbed by the business. Since the impact is not material to the long-term </span><span style=\"display:inherit;clear:left;\">projections, it is not taken into consideration when estimating the long-term and terminal period growth rates. Please refer to the </span><span style=\"display:inherit;clear:left;\">description of the impact of increases in excise duties in the description of sales prices in section<span class=\"_ _7\"></span> 2.3.2. </span><span style=\"display:inherit;clear:left;\">Tax benefit </span><span style=\"display:inherit;clear:left;\">The theoretical tax benefit applied in the test uses tax rates and amortisation periods based on current legislation. The impairment </span><span style=\"display:inherit;clear:left;\">test applies tax rates in the range of 15-34% and amortisation periods of 5-25 years.</span><span style=\"display:inherit;clear:left;\">Royalty rate</span><span style=\"display:inherit;clear:left;\">Royalties generated by a brand are based on the Group\u2019s total income from the brand and are earned globally, i.e. the income is </span><span style=\"display:inherit;clear:left;\">also earned outside the CGU that owns the brand. If external licence agreements for the brand already exist, the market terms of </span><span style=\"display:inherit;clear:left;\">such agreements are taken into consideration when assessing the royalty rate that the brand is expected to generate in a </span><span style=\"display:inherit;clear:left;\">transaction with independent parties. The royalty rate is based on the actual market position of the individual brand in the global, </span><span style=\"display:inherit;clear:left;\">regional and local markets, and assumes a 10-year horizon. This term is common to the beverage industry when licensing brands.</span><span style=\"display:inherit;clear:left;\">Royalty rates</span><span style=\"display:inherit;clear:left;position:relative;height:46.671875px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0019531px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International, premium and speciality products</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 486.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.5-7.5%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 18.002px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Strong regional and national brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 530.835px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0-6.0%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 34.6738px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Local and mainstream brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 561.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0-3.5%</span></span></span><span style=\"display:inherit;clear:left;\">Identification of cash-generating units </span><span style=\"display:inherit;clear:left;\">The Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional </span><span style=\"display:inherit;clear:left;\">managements responsible for performance, operating investments and growth initiatives in their respective regions. </span><span style=\"display:inherit;clear:left;\">There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations </span><span style=\"display:inherit;clear:left;\">across the Group or within regions. </span><span style=\"display:inherit;clear:left;\">Assets, ot<span class=\"_ _7\"></span>her than good<span class=\"_ _7\"></span>will and brand<span class=\"_ _7\"></span>s with regiona<span class=\"_ _7\"></span>l and global pr<span class=\"_ _7\"></span>esence, are al<span class=\"_ _7\"></span>located to ind<span class=\"_ _7\"></span>ividual cash-g<span class=\"_ _7\"></span>enerating uni<span class=\"_ _7\"></span>ts (CGUs), </span><span style=\"display:inherit;clear:left;\">being the<span class=\"_ _7\"></span> level at whic<span class=\"_ _7\"></span>h the assets ge<span class=\"_ _7\"></span>nerate largely<span class=\"_ _7\"></span> independent <span class=\"_ _7\"></span>cash inflows. <span class=\"_ _7\"></span>As the Group <span class=\"_ _7\"></span>operates with <span class=\"_ _7\"></span>local sales and<span class=\"_ _7\"></span> production </span><span style=\"display:inherit;clear:left;\">organisat<span class=\"_ _7\"></span>ions, the cash<span class=\"_ _7\"></span> inflows are m<span class=\"_ _7\"></span>ostly generat<span class=\"_ _7\"></span>ed locally, an<span class=\"_ _7\"></span>d the CGUs are<span class=\"_ _7\"></span> therefore us<span class=\"_ _7\"></span>ually identifi<span class=\"_ _7\"></span>ed at country<span class=\"_ _7\"></span> level. </span><span style=\"display:inherit;clear:left;\">The determination of CGU allocation is made, and cash inflows are assessed in connection with the purchase price allocation, within </span><span style=\"display:inherit;clear:left;\">12 months from the date of acquisition. </span><span style=\"display:inherit;clear:left;\">Goodwill </span><span style=\"display:inherit;clear:left;\">Goodwill does not generate largely independent cash inflows on its own and is therefore allocated to the Group\u2019s geographical </span><span style=\"display:inherit;clear:left;\">segments, which is the level at which it is monitored for internal management purposes. </span><span style=\"display:inherit;clear:left;\">At the time of acquisition of entities, goodwill is allocated to a CGU. The structure and groups of CGUs are reassessed every year. </span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">Cash flows for brands are separately identifiable and brands are therefore tested individually for impairment. This test is performed </span><span style=\"display:inherit;clear:left;\">in addition to the test for impairment of goodwill. </span><span style=\"display:inherit;clear:left;\">Corporate assets </span><span style=\"display:inherit;clear:left;\">The Group has identified capitalised software relating to the Group\u2019s ERP systems as corporate assets, and as such these are </span><span style=\"display:inherit;clear:left;\">peripheral to the generation of cash inflows. The Group\u2019s ERP landscape is closely linked to the internal management structure, and </span><span style=\"display:inherit;clear:left;\">the identified assets are therefore tested for impairment at the CGU level to which goodwill is allocated. </span><span style=\"display:inherit;clear:left;\">Other non-current assets </span><span style=\"display:inherit;clear:left;\">Other non\u2011current assets are tested for impairment when indications of impairment exist. </span><span style=\"display:inherit;clear:left;\">For property, plant and equipment, management performs an annual assessment of the assets\u2019 future application, for example in </span><span style=\"display:inherit;clear:left;\">relation to changes in production structure, restructurings or brewery closures.</span><span style=\"display:inherit;clear:left;\">The impairment assessment also covers brands with finite useful life, customer relationships and licence agreements recognised as </span><span style=\"display:inherit;clear:left;\">intangible assets. Indicators of impairment include decreases in revenue or margins, loss of significant customers, market declines, </span><span style=\"display:inherit;clear:left;\">and increased cost pressures that suggest that the carrying amount may not be recoverable. Where such indications are identified, </span><span style=\"display:inherit;clear:left;\">the recoverable amount is estimated and an impairment loss is recognised if the carrying amount exceeds the recoverable amount.</span><span style=\"display:inherit;clear:left;\">Other non-current assets are tested for impairment when indications of impairment exist. </span><span style=\"display:inherit;clear:left;\">Key considerations in impairment tests</span><span style=\"display:inherit;clear:left;position:relative;height:99.7734375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 393.938px; top: 0.0097656px; width: 197.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.387px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.1582px; width: 633.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CGU level of test</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Geographical segment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Individual brand</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 37.1582px; width: 699.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Method to estimate recoverable amount</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Value in use</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value less cost of disposal</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.1582px; width: 552.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Method to estimate present value of future cash flows</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.826px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Traditional approach: single most </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 560.141px; top: 55.1582px; width: 157.137px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Traditional approach: single most </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 393.938px; top: 68.6582px; width: 101.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">likely future cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 560.141px; top: 68.6582px; width: 101.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">likely future cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 87.7832px; width: 643.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discount rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Risk-adjusted rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Risk-adjusted rate</span></span></span><span style=\"display:inherit;clear:left;\">For investments in associates, examples of indications of impairment are loss-making activities or significant changes in the </span><span style=\"display:inherit;clear:left;\">business environment.</span><span style=\"display:inherit;clear:left;\">The use of special items entails management judgement in the separation from ordinary items. Management carefully considers </span><span style=\"display:inherit;clear:left;\">individual items and projects (including restructurings and business integrations) in order to ensure the correct distinction and split </span><span style=\"display:inherit;clear:left;\">between operating activities and significant income and expenses of a special nature. </span><span style=\"display:inherit;clear:left;\">Management initially assesses the entire restructuring project and recognises all present costs of the project. The projects are </span><span style=\"display:inherit;clear:left;\">assessed on an ongoing basis, with additional costs possibly being incurred during the lifetime of the project. </span><span style=\"display:inherit;clear:left;\">The estimate includes expenses related to termination of employees, onerous contracts, break fees and other obligations arising in </span><span style=\"display:inherit;clear:left;\">connection with restructurings. Management reassesses the useful life and residual value of non-current assets used in an entity </span><span style=\"display:inherit;clear:left;\">undergoing restructuring.</span><span style=\"display:inherit;clear:left;\">In connection with restructurings, management assesses the timing of the costs to be incurred, which influences the classification as </span><span style=\"display:inherit;clear:left;\">current or non-current liabilities. Provision for onerous contracts is based on agreed terms with the other party and expected </span><span style=\"display:inherit;clear:left;\">fulfilment of the contract, based on the current estimate of volumes, use of raw materials etc. </span><span style=\"display:inherit;clear:left;\">Management assesses provisions, contingent assets and liabilities, and the likely outcome of pending or probable lawsuits etc. on </span><span style=\"display:inherit;clear:left;\">an ongoing basis. The outcome depends on future events, which are by nature uncertain. In assessing the likely outcome of lawsuits </span><span style=\"display:inherit;clear:left;\">and tax disputes etc., management relies on external legal advice and established precedents.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Provision for onerous contracts is based on agreed terms with the other party and expected fulfilment of the contract, based on the </span><span style=\"display:inherit;clear:left;\">current estimate of volumes, use of raw materials etc.</span><span style=\"display:inherit;clear:left;\">When entering into financial instruments, management assesses whether the instrument is an effective hedge of expected future </span><span style=\"display:inherit;clear:left;\">cash flows or financial investments. The effectiveness of recognised hedging instruments is assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Fair values of derivative financial instruments are calculated on the basis of level 2 input consisting of current market data and </span><span style=\"display:inherit;clear:left;\">generally accepted valuation methods. Internally calculated values are used, and these are compared to external market quotes on </span><span style=\"display:inherit;clear:left;\">a quarterly basis. For currency and commodity derivatives, the calculation is as follows: </span><span style=\"display:inherit;clear:left;\">a) The forward market rate is compared to the agreed rate on the derivatives, and the difference in cash flow at the future point in </span><span style=\"display:inherit;clear:left;\">time is calculated. </span><span style=\"display:inherit;clear:left;\">b) The amount is discounted to present value. Where relevant, the discounting rate includes a credit risk adjustment. </span><span style=\"display:inherit;clear:left;\">When entering into a contract, management assesses whether the contract contains embedded derivatives and whether they meet </span><span style=\"display:inherit;clear:left;\">the criteria for separate classification and recognition. The Group currently does not have any embedded derivatives that meet the </span><span style=\"display:inherit;clear:left;\">criteria for separate classification and recognition.</span><span style=\"display:inherit;clear:left;\">Assessment of control </span><span style=\"display:inherit;clear:left;\">The classification of entities where Carlsberg controls less than 100% of the voting rights is based on an assessment of the </span><span style=\"display:inherit;clear:left;\">contractual and operational relationship between the parties. This includes assessing the conditions in shareholder agreements, </span><span style=\"display:inherit;clear:left;\">contracts etc. </span><span style=\"display:inherit;clear:left;\">Consideration is also given to the extent to which each party can govern the financial and operating policies of the entity, how the </span><span style=\"display:inherit;clear:left;\">operation of the entity is designed, and which party possesses the relevant knowledge and competences to operate the entity. </span><span style=\"display:inherit;clear:left;\">Another factor relevant to this assessment is the extent to which each of the parties can direct the activities and affect the returns, </span><span style=\"display:inherit;clear:left;\">for example by means of rights, reserved matters or casting votes. </span><span style=\"display:inherit;clear:left;\">Purchase price allocation procedures </span><span style=\"display:inherit;clear:left;\">For acquisitions of entities, the assets, liabilities and contingent liabilities of the acquiree are recognised using the acquisition </span><span style=\"display:inherit;clear:left;\">method in accordance with IFRS 3. The most significant assets acquired generally comprise goodwill, contract- and customer- </span><span style=\"display:inherit;clear:left;\">related intangible assets, brands, property, plant and equipment, receivables and inventories. </span><span style=\"display:inherit;clear:left;\">No active market exists for<span class=\"_ _7\"></span> the majority of the acquired assets and lia<span class=\"_ _7\"></span>bilities, in particular in respect of acqu<span class=\"_ _7\"></span>ired intangible assets. </span><span style=\"display:inherit;clear:left;\">Accordingly, management make<span class=\"_ _7\"></span>s estimates of the fair value of acquired as<span class=\"_ _7\"></span>sets, liabilities and contingent liabilities. D<span class=\"_ _7\"></span>epending on </span><span style=\"display:inherit;clear:left;\">the nature of the item, the d<span class=\"_ _7\"></span>etermined fair value of an item may be assoc<span class=\"_ _7\"></span>iated with uncertainty and possibly adjusted <span class=\"_ _7\"></span>subsequently. </span><span style=\"display:inherit;clear:left;\">The unallocated purchase price (positive amount) is recognised in the statement of financial position as goodwill and allocated to </span><span style=\"display:inherit;clear:left;\">the Group\u2019s cash-generating units.</span><span style=\"display:inherit;clear:left;\">The Group classifies non-current assets and disposal groups as held for sale when management assesses that their carrying </span><span style=\"display:inherit;clear:left;\">amounts will be recovered through a sale rather than continued use. Management\u2019s assessment is based on an evaluation of </span><span style=\"display:inherit;clear:left;\">whether a sale is highly probable and the asset or disposal group is available for immediate sale in its current condition. Actions </span><span style=\"display:inherit;clear:left;\">required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision </span><span style=\"display:inherit;clear:left;\">to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale must be expected to be </span><span style=\"display:inherit;clear:left;\">completed within one year from the date of the classification. </span><span style=\"display:inherit;clear:left;\">On classification, management estimates the fair value. Non-current assets and disposal groups classified as held for sale are </span><span style=\"display:inherit;clear:left;\">measured at the lower of their carrying amount and fair value less costs of disposal. Costs of disposal are the incremental costs </span><span style=\"display:inherit;clear:left;\">directly attributable to the disposal of an asset (disposal group), excluding financial expenses and income tax expenses. </span><span style=\"display:inherit;clear:left;\">Depending on the nature of the non-current assets and the disposal group\u2019s activity, assets and liabilities, the estimated fair value </span><span style=\"display:inherit;clear:left;\">may be associated with uncertainty and possibly adjusted subsequently. Measurement of the fair value of disposal groups is </span><span style=\"display:inherit;clear:left;\">categorised as level 3 in the fair value hierarchy, as measurement is not based on observable market data.</span><span style=\"display:inherit;clear:left;\">The Group recognises deferred tax assets, including the expected tax value of tax losses carried forward, if management assesses </span><span style=\"display:inherit;clear:left;\">this can be offset against positive taxable income in the foreseeable future, typically 1-5 years. This assessment is made annually </span><span style=\"display:inherit;clear:left;\">and based on budgets and business plans for the coming years, including planned commercial initiatives under our control. </span><span style=\"display:inherit;clear:left;\">Carlsberg operates in a large number of tax jurisdictions where tax legislation is highly complex and subject to interpretation. </span><span style=\"display:inherit;clear:left;\">Management assesses uncertain tax positions to ensure recognition and measurement of tax assets and liabilities.</span><span style=\"display:inherit;clear:left;\">The volatility of performance shares is based on the historical volatility of the price of Carlsberg A/S\u2019 class B shares over the </span><span style=\"display:inherit;clear:left;\">previous three years.  </span><span style=\"display:inherit;clear:left;\">The share price is calculated as the average price of Carlsberg A/S\u2019 class B shares on Nasdaq Copenhagen during the first five </span><span style=\"display:inherit;clear:left;\">trading days after publication of Carlsberg A/S\u2019 financial statements. </span><span style=\"display:inherit;clear:left;\">The risk-free interest rate is based on Danish government bonds of the relevant maturity. The expected life is based on exercise at </span><span style=\"display:inherit;clear:left;\">the end of the vesting period.</span><span style=\"display:inherit;clear:left;\">The value of the Group\u2019s defined benefit plans is based on valuations from external actuaries. The valuation is based on a number </span><span style=\"display:inherit;clear:left;\">of actuarial assumptions, including discount rates, expected growth in wages and salaries, mortality and retirement benefits. </span><span style=\"display:inherit;clear:left;\">The present value of the net obligation is calculated by using the projected unit credit method and discounting the defined benefit </span><span style=\"display:inherit;clear:left;\">plan by a discount rate for each country. The discount rate is determined by reference to market yields on high-quality corporate </span><span style=\"display:inherit;clear:left;\">bonds. Where high-quality corporate bonds are not available, the market yields on government bonds are used instead. </span><span style=\"display:inherit;clear:left;\">Mortality assumptions are based on the Group entity\u2019s best estimate of the mortality of plan members during and after </span><span style=\"display:inherit;clear:left;\">employment and include expected changes in mortality. Due to the broad range of entities comprising the retirement benefit </span><span style=\"display:inherit;clear:left;\">obligation, several different mortality tables are used to calculate the future retirement benefit obligation.</span><span style=\"display:inherit;clear:left;\">Section 9.1</span><span style=\"display:inherit;clear:left;\">Significant accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The consolidated financial statements cover the period 1 January to 31 December. In preparing the consolidated financial statements, </span><span style=\"display:inherit;clear:left;\">management makes various accounting estimates and judgements that form the basis of presentation, recognition and </span><span style=\"display:inherit;clear:left;\">measurement of the Group\u2019s assets, liabilities, income and expenses. </span><span style=\"display:inherit;clear:left;\">Other est<span class=\"_ _7\"></span>imates and jud<span class=\"_ _7\"></span>gements made a<span class=\"_ _7\"></span>re based on hi<span class=\"_ _7\"></span>storical exper<span class=\"_ _7\"></span>ience and othe<span class=\"_ _7\"></span>r factors tha<span class=\"_ _7\"></span>t management <span class=\"_ _7\"></span>assesses to be r<span class=\"_ _7\"></span>eliable, </span><span style=\"display:inherit;clear:left;\">but that,<span class=\"_ _7\"></span> by their nat<span class=\"_ _7\"></span>ure, are assoc<span class=\"_ _7\"></span>iated with un<span class=\"_ _7\"></span>certainty and<span class=\"_ _7\"></span> unpredictabil<span class=\"_ _7\"></span>ity and may t<span class=\"_ _7\"></span>herefore prov<span class=\"_ _7\"></span>e incomplete o<span class=\"_ _7\"></span>r incorrect.</span><span style=\"display:inherit;clear:left;\">Areas involving significant estimates and judgements:</span><span style=\"display:inherit;clear:left;position:relative;height:96.375px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0019531px; width: 670.863px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 577.312px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section 1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 16.877px; width: 672.932px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment testing, useful life and residual value</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 407.711px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section 2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.752px; width: 673.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Restructurings, provisions and contingencies</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 429.675px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section 3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.627px; width: 673.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisitions and disposals, including contingent considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.918px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section 5</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 67.502px; width: 673.125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tax assets and liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 519.315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section 6</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 84.377px; width: 672.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Defined benefit obligations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 507.476px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section 7</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__20": {
   "value": "<span style=\"display:inherit;clear:left;\">Revenue</span><span style=\"display:inherit;clear:left;\">Recognition and measurement</span><span style=\"display:inherit;clear:left;\">Revenue from contracts with customers comprises sales of goods, royalty income, rental income from non-stationary equipment, </span><span style=\"display:inherit;clear:left;\">service fees and sales of by-products.</span><span style=\"display:inherit;clear:left;\">Revenue from the sale of own-produced finished goods, goods for resale (third-party products) and by-products is recognised at </span><span style=\"display:inherit;clear:left;\">the point in time when the control of goods and products is transferred to the customer, which is generally upon delivery. For </span><span style=\"display:inherit;clear:left;\">contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.</span><span style=\"display:inherit;clear:left;\">Revenue from sales- or usage-based royalties is recognised when (a) the customer subsequently sells or uses the goods, or (b) the </span><span style=\"display:inherit;clear:left;\">performance obligation to which some or all of the sales- or usage-based royalty has been allocated is satisfied (or partially </span><span style=\"display:inherit;clear:left;\">satisfied), whichever is later.</span><span style=\"display:inherit;clear:left;\">Revenue from contracts with customers is measured at an amount that reflects the expected consideration for those goods. </span><span style=\"display:inherit;clear:left;\">Amounts disclosed as revenue exclude discounts, VAT and excise duties collected on behalf of authorities.</span><span style=\"display:inherit;clear:left;\">The Group considers whether contracts include separate performance obligations to which a portion of the transaction price needs </span><span style=\"display:inherit;clear:left;\">to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of </span><span style=\"display:inherit;clear:left;\">financing is deemed present, as payment is generally made on the basis of cash on delivery or up to 30 days of credit.</span><span style=\"display:inherit;clear:left;\">Variable consideration </span><span style=\"display:inherit;clear:left;\">The Group offers various discounts depending on the nature of the customer and business.</span><span style=\"display:inherit;clear:left;\">Discounts comprise off-invoice discounts, volume- and activity-related discounts, including specific promotion prices offered, and </span><span style=\"display:inherit;clear:left;\">other discounts. Furthermore, discounts include the difference between the present value and the nominal amount of on-trade </span><span style=\"display:inherit;clear:left;\">loans to customers, cf. section 1.5. </span><span style=\"display:inherit;clear:left;\">Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in the sales price. This also </span><span style=\"display:inherit;clear:left;\">includes cash discounts and incentives for early payments. </span><span style=\"display:inherit;clear:left;\">Volume- and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a </span><span style=\"display:inherit;clear:left;\">longer time and may be related to a current campaign or a sales target measured in volumes or total value. Examples include </span><span style=\"display:inherit;clear:left;\">discounts paid as a lump sum, discounts for meeting certain sales targets or progressive discounts offered in step with increasing </span><span style=\"display:inherit;clear:left;\">sales to a customer. </span><span style=\"display:inherit;clear:left;\">Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store locations, as specific </span><span style=\"display:inherit;clear:left;\">promotions of this nature are closely related to the volumes sold.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__26": {
   "value": "<span style=\"display:inherit;clear:left;\">Variable consideration </span><span style=\"display:inherit;clear:left;\">The Group offers various discounts depending on the nature of the customer and business.</span><span style=\"display:inherit;clear:left;\">Discounts comprise off-invoice discounts, volume- and activity-related discounts, including specific promotion prices offered, and </span><span style=\"display:inherit;clear:left;\">other discounts. Furthermore, discounts include the difference between the present value and the nominal amount of on-trade </span><span style=\"display:inherit;clear:left;\">loans to customers, cf. section 1.5. </span><span style=\"display:inherit;clear:left;\">Off-invoice discounts arise from sales transactions where the customer immediately receives a reduction in the sales price. This also </span><span style=\"display:inherit;clear:left;\">includes cash discounts and incentives for early payments. </span><span style=\"display:inherit;clear:left;\">Volume- and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a </span><span style=\"display:inherit;clear:left;\">longer time and may be related to a current campaign or a sales target measured in volumes or total value. Examples include </span><span style=\"display:inherit;clear:left;\">discounts paid as a lump sum, discounts for meeting certain sales targets or progressive discounts offered in step with increasing </span><span style=\"display:inherit;clear:left;\">sales to a customer. </span><span style=\"display:inherit;clear:left;\">Other discounts include listing fees, i.e. fees for certain listings on shelves, in coolers or in favourable store locations, as specific </span><span style=\"display:inherit;clear:left;\">promotions of this nature are closely related to the volumes sold.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__29-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 1.3</span><span style=\"display:inherit;clear:left;\">Operating expenses and inventories</span><span style=\"display:inherit;clear:left;\">1.3.1 Cost of sales and inventories</span><span style=\"display:inherit;clear:left;\">Cost of sales</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 519.315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,535</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,282</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Direct staff costs</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 524.396px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,204</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,638</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 464.408px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,901</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,571</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Indirect production overheads</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 466.642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,769</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,311</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Purchased finished goods and other costs</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 406.534px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,829</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 568.024px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,859</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,631</span></span></span><span style=\"display:inherit;clear:left;\">Cost of sales increased by 20.3% compared with 2024, mainly impacted by the acquisition of Britvic and included PPA-related </span><span style=\"display:inherit;clear:left;\">amortisation of DKK 66m. Cost of sales per hl increased by 2.1%.</span><span style=\"display:inherit;clear:left;\">Amortisation, depreciation and impairment losses</span><span style=\"display:inherit;clear:left;position:relative;height:120.484375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 365.734px; top: 0.0097656px; width: 336.316px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.615px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,831</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,521</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Administrative expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 275.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">73</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">328</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 329.42px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">98</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">421</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">93</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.119px; width: 739.664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 358.037px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">940</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,006</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,233</span></span></span><span style=\"display:inherit;clear:left;\">Section 7.1</span><span style=\"display:inherit;clear:left;\">Staff costs</span><span style=\"display:inherit;clear:left;\">Staff costs</span><span style=\"display:inherit;clear:left;position:relative;height:322.875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.252px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Salaries and other remuneration</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 453.544px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,233</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,236</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.127px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Severance payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 520.148px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">64</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.002px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Social security costs</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 512.355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,659</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,336</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.877px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit costs \u2013 defined contribution plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">569</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">457</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.752px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit costs \u2013 defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 390.502px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">236</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">180</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.627px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share-based payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 505.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.502px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other employee benefits</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 499.624px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">179</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">163</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 570.585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,536</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.51px; width: 350.871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Staff costs are included in the following line items in the income statement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.502px; width: 739.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 542.7px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,204</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,314</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 458.498px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,888</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.252px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Administrative expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 491.134px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,790</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,146</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.127px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other operating activities, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 478.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">127</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.002px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial expenses (pensions)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.877px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items (restructurings)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 478.853px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.039px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.635px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 570.585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,536</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 310.51px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average number of employees</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 450.105px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"letter-spacing: 0px; word-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\">36,964</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"letter-spacing: 0.000375px; word-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\">31,876</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__28-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 1.3</span><span style=\"display:inherit;clear:left;\">Operating expenses and inventories</span><span style=\"display:inherit;clear:left;\">1.3.1 Cost of sales and inventories</span><span style=\"display:inherit;clear:left;\">Cost of sales</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 519.315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,535</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,282</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Direct staff costs</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 524.396px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,204</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,638</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 464.408px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,901</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,571</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Indirect production overheads</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 466.642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,769</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,311</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Purchased finished goods and other costs</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 406.534px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,829</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 568.024px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,859</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,631</span></span></span><span style=\"display:inherit;clear:left;\">Cost of sales increased by 20.3% compared with 2024, mainly impacted by the acquisition of Britvic and included PPA-related </span><span style=\"display:inherit;clear:left;\">amortisation of DKK 66m. Cost of sales per hl increased by 2.1%.</span><span style=\"display:inherit;clear:left;\">Cost of sales<span class=\"ff8 fc3\"> comprises cost of materials used in own-produced finished goods, including malt (barley), hops, sugar, concentrate, </span></span><span style=\"display:inherit;clear:left;\">rice, glass, cans, other packaging materials, direct labour, indirect production overheads and standard cost variations. It further </span><span style=\"display:inherit;clear:left;\">comprises purchased finished goods, which include cost of point-of-sale materials and third-party products sold to customers. </span><span style=\"display:inherit;clear:left;\">Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and software, as well as </span><span style=\"display:inherit;clear:left;\">maintenance and depreciation of machinery, plant and equipment used for production. </span><span style=\"display:inherit;clear:left;\">The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes the purchase cost and </span><span style=\"display:inherit;clear:left;\">costs directly related to bringing inventories to the relevant place of sale and getting them ready for sale, for example insurance, </span><span style=\"display:inherit;clear:left;\">freight and duties.</span><span style=\"display:inherit;clear:left;\">1.3.2 Sales and distribution expenses </span><span style=\"display:inherit;clear:left;\">Sales and distribution expenses</span><span style=\"display:inherit;clear:left;position:relative;height:82.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Marketing expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 511.237px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,354</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,539</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 535.729px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,281</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,599</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 504.071px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,493</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,104</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.8691px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,242</span></span></span><span style=\"display:inherit;clear:left;\">Sales and distribution expenses increased due to higher sales expenses, particularly in China and Kazakhstan, and the acquisition of </span><span style=\"display:inherit;clear:left;\">Britvic. Sales expenses included PPA-related amortisation of DKK 574m. Total sales and distribution expenses <span class=\"_ _7\"></span>increased by 20.2%. </span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Marketing expenses consist of expenses for brand marketing and trade marketing. </span><span style=\"display:inherit;clear:left;\">Bra<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>mar<span class=\"_ _7\"></span>ket<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>is <span class=\"_ _7\"></span>an <span class=\"_ _7\"></span>inve<span class=\"_ _7\"></span>stm<span class=\"_ _7\"></span>ent<span class=\"_ _7\"></span> in <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _7\"></span>s b<span class=\"_ _7\"></span>ran<span class=\"_ _7\"></span>ds a<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>con<span class=\"_ _7\"></span>sis<span class=\"_ _7\"></span>ts o<span class=\"_ _7\"></span>f b<span class=\"_ _7\"></span>ran<span class=\"_ _7\"></span>d-sp<span class=\"_ _7\"></span>eci<span class=\"_ _7\"></span>fic<span class=\"_ _7\"></span> inv<span class=\"_ _7\"></span>est<span class=\"_ _7\"></span>men<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>in t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>dev<span class=\"_ _7\"></span>elop<span class=\"_ _7\"></span>men<span class=\"_ _7\"></span>t o<span class=\"_ _7\"></span>f </span><span style=\"display:inherit;clear:left;\">com<span class=\"_ _7\"></span>mun<span class=\"_ _7\"></span>ica<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> ve<span class=\"_ _7\"></span>hic<span class=\"_ _7\"></span>les<span class=\"_ _7\"></span>, wh<span class=\"_ _7\"></span>ich<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e us<span class=\"_ _7\"></span>ed <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>driv<span class=\"_ _7\"></span>e t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>sale<span class=\"_ _7\"></span> of<span class=\"_ _7\"></span> br<span class=\"_ _7\"></span>ande<span class=\"_ _7\"></span>d p<span class=\"_ _7\"></span>rod<span class=\"_ _7\"></span>uct<span class=\"_ _7\"></span>s, s<span class=\"_ _7\"></span>ale<span class=\"_ _7\"></span>s c<span class=\"_ _7\"></span>ampa<span class=\"_ _7\"></span>ign<span class=\"_ _7\"></span>s a<span class=\"_ _7\"></span>nd s<span class=\"_ _7\"></span>pon<span class=\"_ _7\"></span>sor<span class=\"_ _7\"></span>ship<span class=\"_ _7\"></span>s. <span class=\"_ _0\"></span>Tr<span class=\"_ _7\"></span>ade<span class=\"_ _7\"></span> ma<span class=\"_ _7\"></span>rket<span class=\"_ _7\"></span>ing<span class=\"_ _7\"></span> is<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">pro<span class=\"_ _7\"></span>mot<span class=\"_ _7\"></span>ion<span class=\"_ _7\"></span>al a<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>vit<span class=\"_ _7\"></span>ies<span class=\"_ _7\"></span> dir<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span>ed <span class=\"_ _7\"></span>towa<span class=\"_ _7\"></span>rds<span class=\"_ _7\"></span> cu<span class=\"_ _7\"></span>stom<span class=\"_ _7\"></span>ers<span class=\"_ _7\"></span>, s<span class=\"_ _7\"></span>uch <span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> sup<span class=\"_ _7\"></span>ply<span class=\"_ _7\"></span> of<span class=\"_ _7\"></span> po<span class=\"_ _7\"></span>int-<span class=\"_ _7\"></span>of-<span class=\"_ _7\"></span>sal<span class=\"_ _7\"></span>e ma<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>ial<span class=\"_ _7\"></span>s, <span class=\"_ _7\"></span>prom<span class=\"_ _7\"></span>oti<span class=\"_ _7\"></span>ona<span class=\"_ _7\"></span>l ma<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>ial<span class=\"_ _7\"></span>s an<span class=\"_ _7\"></span>d t<span class=\"_ _7\"></span>rad<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span>fer<span class=\"_ _7\"></span>s. </span><span style=\"display:inherit;clear:left;\">Sale<span class=\"_ _7\"></span>s exp<span class=\"_ _7\"></span>enses<span class=\"_ _7\"></span> comp<span class=\"_ _7\"></span>rise <span class=\"_ _7\"></span>costs<span class=\"_ _7\"></span> rela<span class=\"_ _7\"></span>ting<span class=\"_ _7\"></span> to ge<span class=\"_ _7\"></span>nera<span class=\"_ _7\"></span>l sale<span class=\"_ _7\"></span>s act<span class=\"_ _7\"></span>iviti<span class=\"_ _7\"></span>es, w<span class=\"_ _7\"></span>rite<span class=\"_ _7\"></span>-down<span class=\"_ _7\"></span>s for<span class=\"_ _7\"></span> bad <span class=\"_ _7\"></span>debt <span class=\"_ _7\"></span>losses<span class=\"_ _7\"></span>, wa<span class=\"_ _7\"></span>ges an<span class=\"_ _7\"></span>d sal<span class=\"_ _7\"></span>aries<span class=\"_ _7\"></span>, as <span class=\"_ _7\"></span>well <span class=\"_ _7\"></span>as </span><span style=\"display:inherit;clear:left;\">depr<span class=\"_ _7\"></span>eciat<span class=\"_ _7\"></span>ion a<span class=\"_ _7\"></span>nd im<span class=\"_ _7\"></span>pair<span class=\"_ _7\"></span>ment <span class=\"_ _7\"></span>of sa<span class=\"_ _7\"></span>les e<span class=\"_ _7\"></span>quipm<span class=\"_ _7\"></span>ent a<span class=\"_ _7\"></span>nd am<span class=\"_ _7\"></span>ortis<span class=\"_ _7\"></span>ation<span class=\"_ _7\"></span> of l<span class=\"_ _7\"></span>icenc<span class=\"_ _7\"></span>e agr<span class=\"_ _7\"></span>eemen<span class=\"_ _7\"></span>ts an<span class=\"_ _7\"></span>d cus<span class=\"_ _7\"></span>tomer<span class=\"_ _7\"></span> rela<span class=\"_ _7\"></span>tions<span class=\"_ _7\"></span>hips.<span class=\"_ _7\"></span> Dist<span class=\"_ _7\"></span>ribu<span class=\"_ _7\"></span>tion </span><span style=\"display:inherit;clear:left;\">expe<span class=\"_ _7\"></span>nses <span class=\"_ _7\"></span>compr<span class=\"_ _7\"></span>ise c<span class=\"_ _7\"></span>osts<span class=\"_ _7\"></span> incu<span class=\"_ _7\"></span>rred <span class=\"_ _7\"></span>in di<span class=\"_ _7\"></span>strib<span class=\"_ _7\"></span>uting<span class=\"_ _7\"></span> good<span class=\"_ _7\"></span>s, wa<span class=\"_ _7\"></span>ges a<span class=\"_ _7\"></span>nd sa<span class=\"_ _7\"></span>laries<span class=\"_ _7\"></span>, an<span class=\"_ _7\"></span>d depr<span class=\"_ _7\"></span>ecia<span class=\"_ _7\"></span>tion <span class=\"_ _7\"></span>and i<span class=\"_ _7\"></span>mpair<span class=\"_ _7\"></span>ment <span class=\"_ _7\"></span>of di<span class=\"_ _7\"></span>strib<span class=\"_ _7\"></span>ution<span class=\"_ _7\"></span> equi<span class=\"_ _7\"></span>pment<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">1.3.3 Other operating activities, net </span><span style=\"display:inherit;clear:left;\">Other operating activities, net</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gains and losses on disposal of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.846px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Real estate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 564.082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Research centres</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 530.835px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-152</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-142</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.856px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">551</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">549</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38</span></span></span><span style=\"display:inherit;clear:left;\">Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental </span><span style=\"display:inherit;clear:left;\">properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Other operating activities were positively impacted by compensations, including insurance indemnifications related to events during </span><span style=\"display:inherit;clear:left;\">the year. </span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the sales price less selling </span><span style=\"display:inherit;clear:left;\">costs and the carrying amount at the disposal date. </span><span style=\"display:inherit;clear:left;\">On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less impairment. </span><span style=\"display:inherit;clear:left;\">Expenses relating to research activities comprise research in Denmark and France less funding received from the Carlsberg </span><span style=\"display:inherit;clear:left;\">Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants </span><span style=\"display:inherit;clear:left;\">are recognised in the income statement in the same period as the activities to which they relate. Product development costs are </span><span style=\"display:inherit;clear:left;\">included in cost of sales.</span><span style=\"display:inherit;clear:left;\">SECTION 2</span><span style=\"display:inherit;clear:left;\">ASSET BASE AND RETURNS</span><span style=\"display:inherit;clear:left;\">Return on invested capital (ROIC) is a performance ratio that shows how efficiently our </span><span style=\"display:inherit;clear:left;\">businesses are performing. ROIC remains in focus as part of the Group\u2019s Accelerate SAIL strategy </span><span style=\"display:inherit;clear:left;\">to continue to create value for stakeholders.</span><span style=\"display:inherit;clear:left;\">Additionally, this section provides details on the Group\u2019s intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment, and the results of the impairment testing.</span><span style=\"display:inherit;clear:left;\">Return on invested capital</span><span style=\"display:inherit;clear:left;\">120.0</span><span style=\"display:inherit;clear:left;\">20.0%</span><span style=\"display:inherit;clear:left;\">15.2%</span><span style=\"display:inherit;clear:left;\">14.5%</span><span style=\"display:inherit;clear:left;\">13.8%</span><span style=\"display:inherit;clear:left;\">12.5%</span><span style=\"display:inherit;clear:left;\">10.1%</span><span style=\"display:inherit;clear:left;\">60.0</span><span style=\"display:inherit;clear:left;\">10.0%</span><span style=\"display:inherit;clear:left;\">63.6</span><span style=\"display:inherit;clear:left;\">60.2</span><span style=\"display:inherit;clear:left;\">61.1</span><span style=\"display:inherit;clear:left;\">66.1</span><span style=\"display:inherit;clear:left;\">104.1</span><span style=\"display:inherit;clear:left;\">0.0</span><span style=\"display:inherit;clear:left;\">0.0%</span><span style=\"display:inherit;clear:left;\">2021</span><span style=\"display:inherit;clear:left;\">2022</span><span style=\"display:inherit;clear:left;\">2023</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2025</span><span style=\"display:inherit;clear:left;\">Invested capital</span><span style=\"display:inherit;clear:left;\">ROIC (12-month average)</span><span style=\"display:inherit;clear:left;\">Amortisation, depreciation and impairment losses</span><span style=\"display:inherit;clear:left;position:relative;height:120.484375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 365.734px; top: 0.0097656px; width: 336.316px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.615px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,831</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,521</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Administrative expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 275.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">73</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">328</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 329.42px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">98</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">421</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">93</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.119px; width: 739.664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 358.037px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">940</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,006</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,233</span></span></span><span style=\"display:inherit;clear:left;\">Section 7.1</span><span style=\"display:inherit;clear:left;\">Staff costs</span><span style=\"display:inherit;clear:left;\">Staff costs</span><span style=\"display:inherit;clear:left;position:relative;height:322.875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.252px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Salaries and other remuneration</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 453.544px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,233</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,236</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.127px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Severance payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 520.148px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">64</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.002px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Social security costs</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 512.355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,659</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,336</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.877px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit costs \u2013 defined contribution plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">569</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">457</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.752px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit costs \u2013 defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 390.502px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">236</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">180</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.627px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share-based payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 505.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.502px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other employee benefits</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 499.624px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">179</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">163</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 570.585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,536</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.51px; width: 350.871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Staff costs are included in the following line items in the income statement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.502px; width: 739.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 542.7px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,204</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,314</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 458.498px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,888</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.252px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Administrative expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 491.134px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,790</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,146</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.127px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other operating activities, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 478.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">127</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.002px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial expenses (pensions)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.877px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items (restructurings)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 478.853px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.039px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.635px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 570.585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,536</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 310.51px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average number of employees</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 450.105px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"letter-spacing: 0px; word-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\">36,964</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"letter-spacing: 0.000375px; word-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\">31,876</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__27-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 1.3</span><span style=\"display:inherit;clear:left;\">Operating expenses and inventories</span><span style=\"display:inherit;clear:left;\">1.3.1 Cost of sales and inventories</span><span style=\"display:inherit;clear:left;\">Cost of sales</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 519.315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,535</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,282</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Direct staff costs</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 524.396px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,204</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,638</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 464.408px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,901</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,571</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Indirect production overheads</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 466.642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,769</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,311</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Purchased finished goods and other costs</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 406.534px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,829</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 568.024px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,859</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,631</span></span></span><span style=\"display:inherit;clear:left;\">Cost of sales increased by 20.3% compared with 2024, mainly impacted by the acquisition of Britvic and included PPA-related </span><span style=\"display:inherit;clear:left;\">amortisation of DKK 66m. Cost of sales per hl increased by 2.1%.</span><span style=\"display:inherit;clear:left;\">Cost of sales<span class=\"ff8 fc3\"> comprises cost of materials used in own-produced finished goods, including malt (barley), hops, sugar, concentrate, </span></span><span style=\"display:inherit;clear:left;\">rice, glass, cans, other packaging materials, direct labour, indirect production overheads and standard cost variations. It further </span><span style=\"display:inherit;clear:left;\">comprises purchased finished goods, which include cost of point-of-sale materials and third-party products sold to customers. </span><span style=\"display:inherit;clear:left;\">Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and software, as well as </span><span style=\"display:inherit;clear:left;\">maintenance and depreciation of machinery, plant and equipment used for production. </span><span style=\"display:inherit;clear:left;\">The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes the purchase cost and </span><span style=\"display:inherit;clear:left;\">costs directly related to bringing inventories to the relevant place of sale and getting them ready for sale, for example insurance, </span><span style=\"display:inherit;clear:left;\">freight and duties.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__31-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Inventories</span><span style=\"display:inherit;clear:left;position:relative;height:82.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Raw materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 537.96px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,051</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,445</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Work in progress</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 532.665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">435</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">343</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Finished goods</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 533.509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,165</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.8691px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 580.489px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,110</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,953</span></span></span><span style=\"display:inherit;clear:left;\">Inventories increased by 19.4% compared with 2024, mainly driven by Britvic.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">At least once a year, management assesses whether the standard cost of inventories approximates the actual cost. During the year, </span><span style=\"display:inherit;clear:left;\">the standard cost is revised if it deviates by more than 5% from the actual cost. Indirect production overheads are calculated on the </span><span style=\"display:inherit;clear:left;\">basis of relevant assumptions as to capacity utilisation, production time and other factors. </span><span style=\"display:inherit;clear:left;\">The calculation of the net realisable value of inventories is relevant to packaging materials, point-of-sale materials and spare parts. </span><span style=\"display:inherit;clear:left;\">The net realisable value is normally not calculated for beer and soft drinks due to their limited shelf-life, which means that slow-</span><span style=\"display:inherit;clear:left;\">moving goods must be scrapped instead.</span><span style=\"display:inherit;clear:left;\">Inventories are measured at the lower of standard cost (own-produced finished goods) and weighted average cost (other </span><span style=\"display:inherit;clear:left;\">inventories), or net realisable value. The net realisable value is the estimated selling price less costs of completion and costs </span><span style=\"display:inherit;clear:left;\">necessary to make the sale, also taking into account marketability, obsolescence and developments in expected selling price.</span><span style=\"display:inherit;clear:left;\">The cost of scrapped/impaired goods is expensed in the function (line item) responsible for the loss, i.e. losses during distribution </span><span style=\"display:inherit;clear:left;\">are included in distribution expenses, while scrapping of products due to sales not meeting forecasts is included in sales expenses.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__30-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Cost of sales<span class=\"ff8 fc3\"> comprises cost of materials used in own-produced finished goods, including malt (barley), hops, sugar, concentrate, </span></span><span style=\"display:inherit;clear:left;\">rice, glass, cans, other packaging materials, direct labour, indirect production overheads and standard cost variations. It further </span><span style=\"display:inherit;clear:left;\">comprises purchased finished goods, which include cost of point-of-sale materials and third-party products sold to customers. </span><span style=\"display:inherit;clear:left;\">Indirect production overheads comprise indirect supplies, wages and salaries, amortisation of brands and software, as well as </span><span style=\"display:inherit;clear:left;\">maintenance and depreciation of machinery, plant and equipment used for production. </span><span style=\"display:inherit;clear:left;\">The cost of purchased finished goods, raw and packaging materials and point-of-sale materials includes the purchase cost and </span><span style=\"display:inherit;clear:left;\">costs directly related to bringing inventories to the relevant place of sale and getting them ready for sale, for example insurance, </span><span style=\"display:inherit;clear:left;\">freight and duties.</span><span style=\"display:inherit;clear:left;\">Marketing expenses consist of expenses for brand marketing and trade marketing. </span><span style=\"display:inherit;clear:left;\">Bra<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>mar<span class=\"_ _7\"></span>ket<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>is <span class=\"_ _7\"></span>an <span class=\"_ _7\"></span>inve<span class=\"_ _7\"></span>stm<span class=\"_ _7\"></span>ent<span class=\"_ _7\"></span> in <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> Gr<span class=\"_ _7\"></span>oup\u2019<span class=\"_ _7\"></span>s b<span class=\"_ _7\"></span>ran<span class=\"_ _7\"></span>ds a<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>con<span class=\"_ _7\"></span>sis<span class=\"_ _7\"></span>ts o<span class=\"_ _7\"></span>f b<span class=\"_ _7\"></span>ran<span class=\"_ _7\"></span>d-sp<span class=\"_ _7\"></span>eci<span class=\"_ _7\"></span>fic<span class=\"_ _7\"></span> inv<span class=\"_ _7\"></span>est<span class=\"_ _7\"></span>men<span class=\"_ _7\"></span>ts <span class=\"_ _7\"></span>in t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>dev<span class=\"_ _7\"></span>elop<span class=\"_ _7\"></span>men<span class=\"_ _7\"></span>t o<span class=\"_ _7\"></span>f </span><span style=\"display:inherit;clear:left;\">com<span class=\"_ _7\"></span>mun<span class=\"_ _7\"></span>ica<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> ve<span class=\"_ _7\"></span>hic<span class=\"_ _7\"></span>les<span class=\"_ _7\"></span>, wh<span class=\"_ _7\"></span>ich<span class=\"_ _7\"></span> ar<span class=\"_ _7\"></span>e us<span class=\"_ _7\"></span>ed <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>driv<span class=\"_ _7\"></span>e t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>sale<span class=\"_ _7\"></span> of<span class=\"_ _7\"></span> br<span class=\"_ _7\"></span>ande<span class=\"_ _7\"></span>d p<span class=\"_ _7\"></span>rod<span class=\"_ _7\"></span>uct<span class=\"_ _7\"></span>s, s<span class=\"_ _7\"></span>ale<span class=\"_ _7\"></span>s c<span class=\"_ _7\"></span>ampa<span class=\"_ _7\"></span>ign<span class=\"_ _7\"></span>s a<span class=\"_ _7\"></span>nd s<span class=\"_ _7\"></span>pon<span class=\"_ _7\"></span>sor<span class=\"_ _7\"></span>ship<span class=\"_ _7\"></span>s. <span class=\"_ _0\"></span>Tr<span class=\"_ _7\"></span>ade<span class=\"_ _7\"></span> ma<span class=\"_ _7\"></span>rket<span class=\"_ _7\"></span>ing<span class=\"_ _7\"></span> is<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">pro<span class=\"_ _7\"></span>mot<span class=\"_ _7\"></span>ion<span class=\"_ _7\"></span>al a<span class=\"_ _7\"></span>cti<span class=\"_ _7\"></span>vit<span class=\"_ _7\"></span>ies<span class=\"_ _7\"></span> dir<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span>ed <span class=\"_ _7\"></span>towa<span class=\"_ _7\"></span>rds<span class=\"_ _7\"></span> cu<span class=\"_ _7\"></span>stom<span class=\"_ _7\"></span>ers<span class=\"_ _7\"></span>, s<span class=\"_ _7\"></span>uch <span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> sup<span class=\"_ _7\"></span>ply<span class=\"_ _7\"></span> of<span class=\"_ _7\"></span> po<span class=\"_ _7\"></span>int-<span class=\"_ _7\"></span>of-<span class=\"_ _7\"></span>sal<span class=\"_ _7\"></span>e ma<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>ial<span class=\"_ _7\"></span>s, <span class=\"_ _7\"></span>prom<span class=\"_ _7\"></span>oti<span class=\"_ _7\"></span>ona<span class=\"_ _7\"></span>l ma<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>ial<span class=\"_ _7\"></span>s an<span class=\"_ _7\"></span>d t<span class=\"_ _7\"></span>rad<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span>fer<span class=\"_ _7\"></span>s. </span><span style=\"display:inherit;clear:left;\">Sale<span class=\"_ _7\"></span>s exp<span class=\"_ _7\"></span>enses<span class=\"_ _7\"></span> comp<span class=\"_ _7\"></span>rise <span class=\"_ _7\"></span>costs<span class=\"_ _7\"></span> rela<span class=\"_ _7\"></span>ting<span class=\"_ _7\"></span> to ge<span class=\"_ _7\"></span>nera<span class=\"_ _7\"></span>l sale<span class=\"_ _7\"></span>s act<span class=\"_ _7\"></span>iviti<span class=\"_ _7\"></span>es, w<span class=\"_ _7\"></span>rite<span class=\"_ _7\"></span>-down<span class=\"_ _7\"></span>s for<span class=\"_ _7\"></span> bad <span class=\"_ _7\"></span>debt <span class=\"_ _7\"></span>losses<span class=\"_ _7\"></span>, wa<span class=\"_ _7\"></span>ges an<span class=\"_ _7\"></span>d sal<span class=\"_ _7\"></span>aries<span class=\"_ _7\"></span>, as <span class=\"_ _7\"></span>well <span class=\"_ _7\"></span>as </span><span style=\"display:inherit;clear:left;\">depr<span class=\"_ _7\"></span>eciat<span class=\"_ _7\"></span>ion a<span class=\"_ _7\"></span>nd im<span class=\"_ _7\"></span>pair<span class=\"_ _7\"></span>ment <span class=\"_ _7\"></span>of sa<span class=\"_ _7\"></span>les e<span class=\"_ _7\"></span>quipm<span class=\"_ _7\"></span>ent a<span class=\"_ _7\"></span>nd am<span class=\"_ _7\"></span>ortis<span class=\"_ _7\"></span>ation<span class=\"_ _7\"></span> of l<span class=\"_ _7\"></span>icenc<span class=\"_ _7\"></span>e agr<span class=\"_ _7\"></span>eemen<span class=\"_ _7\"></span>ts an<span class=\"_ _7\"></span>d cus<span class=\"_ _7\"></span>tomer<span class=\"_ _7\"></span> rela<span class=\"_ _7\"></span>tions<span class=\"_ _7\"></span>hips.<span class=\"_ _7\"></span> Dist<span class=\"_ _7\"></span>ribu<span class=\"_ _7\"></span>tion </span><span style=\"display:inherit;clear:left;\">expe<span class=\"_ _7\"></span>nses <span class=\"_ _7\"></span>compr<span class=\"_ _7\"></span>ise c<span class=\"_ _7\"></span>osts<span class=\"_ _7\"></span> incu<span class=\"_ _7\"></span>rred <span class=\"_ _7\"></span>in di<span class=\"_ _7\"></span>strib<span class=\"_ _7\"></span>uting<span class=\"_ _7\"></span> good<span class=\"_ _7\"></span>s, wa<span class=\"_ _7\"></span>ges a<span class=\"_ _7\"></span>nd sa<span class=\"_ _7\"></span>laries<span class=\"_ _7\"></span>, an<span class=\"_ _7\"></span>d depr<span class=\"_ _7\"></span>ecia<span class=\"_ _7\"></span>tion <span class=\"_ _7\"></span>and i<span class=\"_ _7\"></span>mpair<span class=\"_ _7\"></span>ment <span class=\"_ _7\"></span>of di<span class=\"_ _7\"></span>strib<span class=\"_ _7\"></span>ution<span class=\"_ _7\"></span> equi<span class=\"_ _7\"></span>pment<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the sales price less selling </span><span style=\"display:inherit;clear:left;\">costs and the carrying amount at the disposal date. </span><span style=\"display:inherit;clear:left;\">On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less impairment. </span><span style=\"display:inherit;clear:left;\">Expenses relating to research activities comprise research in Denmark and France less funding received from the Carlsberg </span><span style=\"display:inherit;clear:left;\">Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants </span><span style=\"display:inherit;clear:left;\">are recognised in the income statement in the same period as the activities to which they relate. Product development costs are </span><span style=\"display:inherit;clear:left;\">included in cost of sales.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__32": {
   "value": "<span style=\"display:inherit;clear:left;\">Inventories are measured at the lower of standard cost (own-produced finished goods) and weighted average cost (other </span><span style=\"display:inherit;clear:left;\">inventories), or net realisable value. The net realisable value is the estimated selling price less costs of completion and costs </span><span style=\"display:inherit;clear:left;\">necessary to make the sale, also taking into account marketability, obsolescence and developments in expected selling price.</span><span style=\"display:inherit;clear:left;\">The cost of scrapped/impaired goods is expensed in the function (line item) responsible for the loss, i.e. losses during distribution </span><span style=\"display:inherit;clear:left;\">are included in distribution expenses, while scrapping of products due to sales not meeting forecasts is included in sales expenses.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__43": {
   "value": "<span style=\"display:inherit;clear:left;\">1.3.3 Other operating activities, net </span><span style=\"display:inherit;clear:left;\">Other operating activities, net</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gains and losses on disposal of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.846px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Real estate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 564.082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Research centres</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 530.835px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-152</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-142</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.856px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">551</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">549</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38</span></span></span><span style=\"display:inherit;clear:left;\">Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental </span><span style=\"display:inherit;clear:left;\">properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Other operating activities were positively impacted by compensations, including insurance indemnifications related to events during </span><span style=\"display:inherit;clear:left;\">the year. </span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the sales price less selling </span><span style=\"display:inherit;clear:left;\">costs and the carrying amount at the disposal date. </span><span style=\"display:inherit;clear:left;\">On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less impairment. </span><span style=\"display:inherit;clear:left;\">Expenses relating to research activities comprise research in Denmark and France less funding received from the Carlsberg </span><span style=\"display:inherit;clear:left;\">Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants </span><span style=\"display:inherit;clear:left;\">are recognised in the income statement in the same period as the activities to which they relate. Product development costs are </span><span style=\"display:inherit;clear:left;\">included in cost of sales.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__40": {
   "value": "<span style=\"display:inherit;clear:left;\">1.3.3 Other operating activities, net </span><span style=\"display:inherit;clear:left;\">Other operating activities, net</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gains and losses on disposal of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.846px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Real estate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 564.082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Research centres</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 530.835px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-152</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-142</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.856px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">551</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">549</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38</span></span></span><span style=\"display:inherit;clear:left;\">Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental </span><span style=\"display:inherit;clear:left;\">properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Other operating activities were positively impacted by compensations, including insurance indemnifications related to events during </span><span style=\"display:inherit;clear:left;\">the year. </span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the sales price less selling </span><span style=\"display:inherit;clear:left;\">costs and the carrying amount at the disposal date. </span><span style=\"display:inherit;clear:left;\">On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less impairment. </span><span style=\"display:inherit;clear:left;\">Expenses relating to research activities comprise research in Denmark and France less funding received from the Carlsberg </span><span style=\"display:inherit;clear:left;\">Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants </span><span style=\"display:inherit;clear:left;\">are recognised in the income statement in the same period as the activities to which they relate. Product development costs are </span><span style=\"display:inherit;clear:left;\">included in cost of sales.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__39": {
   "value": "<span style=\"display:inherit;clear:left;\">1.3.3 Other operating activities, net </span><span style=\"display:inherit;clear:left;\">Other operating activities, net</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gains and losses on disposal of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.846px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Real estate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 564.082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Research centres</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 530.835px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-152</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-142</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.856px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">551</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">549</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38</span></span></span><span style=\"display:inherit;clear:left;\">Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental </span><span style=\"display:inherit;clear:left;\">properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Other operating activities were positively impacted by compensations, including insurance indemnifications related to events during </span><span style=\"display:inherit;clear:left;\">the year. </span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the sales price less selling </span><span style=\"display:inherit;clear:left;\">costs and the carrying amount at the disposal date. </span><span style=\"display:inherit;clear:left;\">On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less impairment. </span><span style=\"display:inherit;clear:left;\">Expenses relating to research activities comprise research in Denmark and France less funding received from the Carlsberg </span><span style=\"display:inherit;clear:left;\">Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants </span><span style=\"display:inherit;clear:left;\">are recognised in the income statement in the same period as the activities to which they relate. Product development costs are </span><span style=\"display:inherit;clear:left;\">included in cost of sales.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__38": {
   "value": "<span style=\"display:inherit;clear:left;\">1.3.3 Other operating activities, net </span><span style=\"display:inherit;clear:left;\">Other operating activities, net</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gains and losses on disposal of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 228.598px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.846px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Real estate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 564.082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Research centres</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 530.835px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-152</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-142</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.856px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">551</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">549</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38</span></span></span><span style=\"display:inherit;clear:left;\">Other operating activities are secondary to the principal activities of the Group and include income and expenses relating to rental </span><span style=\"display:inherit;clear:left;\">properties, restaurants, on-trade loans, research activities, and gains and losses on disposal of intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Other operating activities were positively impacted by compensations, including insurance indemnifications related to events during </span><span style=\"display:inherit;clear:left;\">the year. </span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the sales price less selling </span><span style=\"display:inherit;clear:left;\">costs and the carrying amount at the disposal date. </span><span style=\"display:inherit;clear:left;\">On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less impairment. </span><span style=\"display:inherit;clear:left;\">Expenses relating to research activities comprise research in Denmark and France less funding received from the Carlsberg </span><span style=\"display:inherit;clear:left;\">Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants </span><span style=\"display:inherit;clear:left;\">are recognised in the income statement in the same period as the activities to which they relate. Product development costs are </span><span style=\"display:inherit;clear:left;\">included in cost of sales.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__44": {
   "value": "<span style=\"display:inherit;clear:left;\">Gains and losses on disposal of intangible assets and property, plant and equipment are determined as the sales price less selling </span><span style=\"display:inherit;clear:left;\">costs and the carrying amount at the disposal date. </span><span style=\"display:inherit;clear:left;\">On-trade loans, net, comprise the effective interest on the loans measured at amortised cost less impairment. </span><span style=\"display:inherit;clear:left;\">Expenses relating to research activities comprise research in Denmark and France less funding received from the Carlsberg </span><span style=\"display:inherit;clear:left;\">Foundation for the operation of the Carlsberg Research Laboratory and grants received to fund research. The funding and grants </span><span style=\"display:inherit;clear:left;\">are recognised in the income statement in the same period as the activities to which they relate. Product development costs are </span><span style=\"display:inherit;clear:left;\">included in cost of sales.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__45-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 1.4</span><span style=\"display:inherit;clear:left;\">Cash flow from operating activities</span><span style=\"display:inherit;clear:left;\">Other specifications of cash flow from operating activities</span><span style=\"display:inherit;clear:left;position:relative;height:416.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 100.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other non-cash items</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share of profit after tax of associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 329.895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-660</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-616</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gain on disposal of property, plant and equipment and intangible assets, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.059px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-84</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-44</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share-based payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 505.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 436.886px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-87</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 563.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 580.489px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-572</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-635</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.869px; width: 102.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade working capital</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Inventories</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 560.31px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">364</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 529.916px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">847</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">82</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade payables, duties payable and deposits on returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 242.683px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-481</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">411</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.369px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">730</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">471</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.744px; width: 101.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other working capital</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 247.736px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 531.862px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-311</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-484</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.611px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 537.18px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-477</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-273</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit obligations and provisions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 397.283px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-498</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-337</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Unrealised foreign exchange gains/losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 428.22px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.119px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,293</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,108</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 336.494px; width: 118.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in on-trade loans</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 353.486px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Loans provided</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 535.729px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-485</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-547</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 370.361px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Repayments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 551.79px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">305</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">303</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 387.236px; width: 739.793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total amortisation of on-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 441.645px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">246</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">245</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 403.994px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 589.507px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span></span></span><span style=\"display:inherit;clear:left;\">Th<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>cha<span class=\"_ _0\"></span>nge<span class=\"_ _7\"></span> in<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>ra<span class=\"_ _7\"></span>de <span class=\"_ _0\"></span>wor<span class=\"_ _7\"></span>kin<span class=\"_ _7\"></span>g <span class=\"_ _7\"></span>ca<span class=\"_ _7\"></span>pit<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> w<span class=\"_ _7\"></span>as <span class=\"_ _7\"></span>DK<span class=\"_ _7\"></span>K <span class=\"_ _7\"></span>+7<span class=\"_ _7\"></span>30<span class=\"_ _7\"></span>m (<span class=\"_ _0\"></span>202<span class=\"_ _7\"></span>4: <span class=\"_ _7\"></span>DK<span class=\"_ _7\"></span>K <span class=\"_ _7\"></span>+4<span class=\"_ _7\"></span>71m<span class=\"_ _7\"></span>),<span class=\"_ _7\"></span> d<span class=\"_ _7\"></span>ue <span class=\"_ _7\"></span>to<span class=\"_ _7\"></span> p<span class=\"_ _7\"></span>osi<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> co<span class=\"_ _0\"></span>ntr<span class=\"_ _7\"></span>ibu<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>on<span class=\"_ _7\"></span>s f<span class=\"_ _7\"></span>ro<span class=\"_ _7\"></span>m <span class=\"_ _7\"></span>tra<span class=\"_ _7\"></span>de<span class=\"_ _7\"></span> r<span class=\"_ _7\"></span>ece<span class=\"_ _7\"></span>iv<span class=\"_ _7\"></span>ab<span class=\"_ _7\"></span>les<span class=\"_ _0\"></span> an<span class=\"_ _7\"></span>d </span><span style=\"display:inherit;clear:left;\">in<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>nto<span class=\"_ _7\"></span>ri<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span>, p<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>tl<span class=\"_ _7\"></span>y o<span class=\"_ _0\"></span>ffs<span class=\"_ _7\"></span>et <span class=\"_ _7\"></span>by<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>rad<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>pa<span class=\"_ _7\"></span>yab<span class=\"_ _7\"></span>le<span class=\"_ _7\"></span>s.<span class=\"_ _0\"></span> Av<span class=\"_ _7\"></span>era<span class=\"_ _7\"></span>ge<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>rad<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>wo<span class=\"_ _7\"></span>rki<span class=\"_ _0\"></span>ng <span class=\"_ _7\"></span>cap<span class=\"_ _7\"></span>it<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> to<span class=\"_ _7\"></span> r<span class=\"_ _7\"></span>ev<span class=\"_ _7\"></span>enu<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>fo<span class=\"_ _7\"></span>r t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> y<span class=\"_ _7\"></span>ear<span class=\"_ _0\"></span> wa<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>-1<span class=\"_ _7\"></span>5.<span class=\"_ _7\"></span>6% <span class=\"_ _0\"></span>(20<span class=\"_ _7\"></span>24:<span class=\"_ _7\"></span> -<span class=\"_ _7\"></span>20<span class=\"_ _7\"></span>.7<span class=\"_ _7\"></span>%) <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d </span><span style=\"display:inherit;clear:left;\">ex<span class=\"_ _7\"></span>cl<span class=\"_ _7\"></span>udi<span class=\"_ _7\"></span>ng<span class=\"_ _7\"></span> B<span class=\"_ _7\"></span>rit<span class=\"_ _7\"></span>vi<span class=\"_ _7\"></span>c <span class=\"_ _7\"></span>-2<span class=\"_ _7\"></span>0.<span class=\"_ _7\"></span>1%.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> ch<span class=\"_ _0\"></span>ang<span class=\"_ _7\"></span>e i<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>ot<span class=\"_ _7\"></span>her<span class=\"_ _7\"></span> w<span class=\"_ _7\"></span>or<span class=\"_ _7\"></span>kin<span class=\"_ _7\"></span>g <span class=\"_ _7\"></span>ca<span class=\"_ _7\"></span>pit<span class=\"_ _7\"></span>al<span class=\"_ _7\"></span> w<span class=\"_ _7\"></span>as<span class=\"_ _7\"></span> D<span class=\"_ _7\"></span>KK <span class=\"_ _0\"></span>-1,<span class=\"_ _7\"></span>293<span class=\"_ _7\"></span>m <span class=\"_ _7\"></span>(2<span class=\"_ _7\"></span>02<span class=\"_ _7\"></span>4: <span class=\"_ _7\"></span>DK<span class=\"_ _7\"></span>K <span class=\"_ _7\"></span>-1<span class=\"_ _7\"></span>,10<span class=\"_ _7\"></span>8m<span class=\"_ _7\"></span>),<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>mpa<span class=\"_ _7\"></span>ct<span class=\"_ _7\"></span>ed<span class=\"_ _7\"></span> by<span class=\"_ _7\"></span> B<span class=\"_ _7\"></span>ri<span class=\"_ _7\"></span>tvi<span class=\"_ _7\"></span>c <span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>d o<span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">pa<span class=\"_ _7\"></span>ya<span class=\"_ _7\"></span>ble<span class=\"_ _7\"></span>s.</span><span style=\"display:inherit;clear:left;\">Restructuring costs and other special items paid amounted to DKK 1,381m (2024<span class=\"_ _7\"></span>: DKK 220m), impacted by the integration of Britvic, </span><span style=\"display:inherit;clear:left;\">restructuring projects and acquisition-related costs.</span><span style=\"display:inherit;clear:left;\">Supplier finance arrangements</span><span style=\"display:inherit;clear:left;\">A number of the Group\u2019s suppliers participate in supplier finance arrangements, with a supply chain finance provider and related </span><span style=\"display:inherit;clear:left;\">financial institutions acting as a funding partner. When suppliers participate in these programmes, they have the option of receiving </span><span style=\"display:inherit;clear:left;\">early payment but, regardless of whether or not the suppliers choose early payment, the liability is recognised in trade payables until </span><span style=\"display:inherit;clear:left;\">the due date of the invoice. Payment terms for suppliers included in a supplier finance arrangement typically range from 60 to 180 </span><span style=\"display:inherit;clear:left;\">days, and payment terms for similar suppliers not included range from 15 to 130 days. Termination of individual supplier finance </span><span style=\"display:inherit;clear:left;\">arrangements would not constitute a significant risk in terms of liquidity because of the amounts involved and the number of supply </span><span style=\"display:inherit;clear:left;\">chain finance providers.</span><span style=\"display:inherit;clear:left;\">Carrying amount of liabilities included in supplier finance arrangements</span><span style=\"display:inherit;clear:left;position:relative;height:65.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Suppliers that have received payment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 429.675px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,695</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,364</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Suppliers that have not received payment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 419.906px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">476</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">278</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 581.659px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,171</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,642</span></span></span><span style=\"display:inherit;clear:left;\">Sale of receivables</span><span style=\"display:inherit;clear:left;\">Carlsberg has chosen to sell some of its trade receivables in selected Western European markets in non-recourse factoring </span><span style=\"display:inherit;clear:left;\">agreements to expedite cash collection from groups of customers. Carlsberg does not carry any credit risk on these customers and </span><span style=\"display:inherit;clear:left;\">has no continuing involvement in these trade receivables, which have therefore been derecognised.</span><span style=\"display:inherit;clear:left;\">The impact on average trade working capital from the use of supplier finance arrangements and factoring is limited, as the utilisation </span><span style=\"display:inherit;clear:left;\">is similar to previous years.</span><span style=\"display:inherit;clear:left;\">Trad<span class=\"_ _7\"></span>e pay<span class=\"_ _7\"></span>ables<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>recog<span class=\"_ _7\"></span>nised<span class=\"_ _7\"></span> init<span class=\"_ _7\"></span>ially<span class=\"_ _7\"></span> at f<span class=\"_ _7\"></span>air v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uentl<span class=\"_ _7\"></span>y mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost. <span class=\"_ _7\"></span>Trade<span class=\"_ _7\"></span> paya<span class=\"_ _7\"></span>bles <span class=\"_ _7\"></span>compr<span class=\"_ _7\"></span>ise p<span class=\"_ _7\"></span>urcha<span class=\"_ _7\"></span>se </span><span style=\"display:inherit;clear:left;\">of g<span class=\"_ _7\"></span>oods <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ervic<span class=\"_ _7\"></span>es, i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ing p<span class=\"_ _7\"></span>ayabl<span class=\"_ _7\"></span>es to<span class=\"_ _7\"></span> supp<span class=\"_ _7\"></span>lier <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>ce pr<span class=\"_ _7\"></span>ovide<span class=\"_ _7\"></span>rs, a<span class=\"_ _7\"></span>nd r<span class=\"_ _7\"></span>etros<span class=\"_ _7\"></span>pecti<span class=\"_ _7\"></span>ve re<span class=\"_ _7\"></span>bates<span class=\"_ _7\"></span> to c<span class=\"_ _7\"></span>ustom<span class=\"_ _7\"></span>ers, <span class=\"_ _7\"></span>and a<span class=\"_ _7\"></span>re pa<span class=\"_ _7\"></span>rt of<span class=\"_ _7\"></span> the </span><span style=\"display:inherit;clear:left;\">norm<span class=\"_ _7\"></span>al w<span class=\"_ _7\"></span>orkin<span class=\"_ _7\"></span>g cap<span class=\"_ _7\"></span>ital <span class=\"_ _7\"></span>cycle<span class=\"_ _7\"></span>. Th<span class=\"_ _7\"></span>e cas<span class=\"_ _7\"></span>h flo<span class=\"_ _7\"></span>w ari<span class=\"_ _7\"></span>sing <span class=\"_ _7\"></span>from<span class=\"_ _7\"></span> all t<span class=\"_ _7\"></span>rade <span class=\"_ _7\"></span>payab<span class=\"_ _7\"></span>les i<span class=\"_ _7\"></span>s par<span class=\"_ _7\"></span>t of <span class=\"_ _7\"></span>cash <span class=\"_ _7\"></span>flow<span class=\"_ _7\"></span> from<span class=\"_ _7\"></span> oper<span class=\"_ _7\"></span>ating<span class=\"_ _7\"></span> acti<span class=\"_ _7\"></span>vitie<span class=\"_ _7\"></span>s. Tr<span class=\"_ _7\"></span>ade </span><span style=\"display:inherit;clear:left;\">rece<span class=\"_ _7\"></span>ivabl<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost u<span class=\"_ _7\"></span>nless<span class=\"_ _7\"></span> they<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>subje<span class=\"_ _7\"></span>ct to<span class=\"_ _7\"></span> non-<span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>urse f<span class=\"_ _7\"></span>acto<span class=\"_ _7\"></span>ring,<span class=\"_ _7\"></span> in w<span class=\"_ _7\"></span>hich <span class=\"_ _7\"></span>case <span class=\"_ _7\"></span>they <span class=\"_ _7\"></span>are h<span class=\"_ _7\"></span>eld a<span class=\"_ _7\"></span>t fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ue. </span><span style=\"display:inherit;clear:left;\">The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the </span><span style=\"display:inherit;clear:left;\">number of bottles, kegs, cans and crates in circulation, and expected return rates.</span><span style=\"display:inherit;clear:left;\">Cash flow from disposal of property, plant and equipment and intangible assets was DKK<span class=\"_ _7\"></span> 106m (2024: DKK 85m).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__49-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Supplier finance arrangements</span><span style=\"display:inherit;clear:left;\">A number of the Group\u2019s suppliers participate in supplier finance arrangements, with a supply chain finance provider and related </span><span style=\"display:inherit;clear:left;\">financial institutions acting as a funding partner. When suppliers participate in these programmes, they have the option of receiving </span><span style=\"display:inherit;clear:left;\">early payment but, regardless of whether or not the suppliers choose early payment, the liability is recognised in trade payables until </span><span style=\"display:inherit;clear:left;\">the due date of the invoice. Payment terms for suppliers included in a supplier finance arrangement typically range from 60 to 180 </span><span style=\"display:inherit;clear:left;\">days, and payment terms for similar suppliers not included range from 15 to 130 days. Termination of individual supplier finance </span><span style=\"display:inherit;clear:left;\">arrangements would not constitute a significant risk in terms of liquidity because of the amounts involved and the number of supply </span><span style=\"display:inherit;clear:left;\">chain finance providers.</span><span style=\"display:inherit;clear:left;\">Carrying amount of liabilities included in supplier finance arrangements</span><span style=\"display:inherit;clear:left;position:relative;height:65.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Suppliers that have received payment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 429.675px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,695</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,364</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Suppliers that have not received payment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 419.906px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">476</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">278</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 581.659px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,171</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,642</span></span></span><span style=\"display:inherit;clear:left;\">Trad<span class=\"_ _7\"></span>e pay<span class=\"_ _7\"></span>ables<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>recog<span class=\"_ _7\"></span>nised<span class=\"_ _7\"></span> init<span class=\"_ _7\"></span>ially<span class=\"_ _7\"></span> at f<span class=\"_ _7\"></span>air v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uentl<span class=\"_ _7\"></span>y mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost. <span class=\"_ _7\"></span>Trade<span class=\"_ _7\"></span> paya<span class=\"_ _7\"></span>bles <span class=\"_ _7\"></span>compr<span class=\"_ _7\"></span>ise p<span class=\"_ _7\"></span>urcha<span class=\"_ _7\"></span>se </span><span style=\"display:inherit;clear:left;\">of g<span class=\"_ _7\"></span>oods <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ervic<span class=\"_ _7\"></span>es, i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ing p<span class=\"_ _7\"></span>ayabl<span class=\"_ _7\"></span>es to<span class=\"_ _7\"></span> supp<span class=\"_ _7\"></span>lier <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>ce pr<span class=\"_ _7\"></span>ovide<span class=\"_ _7\"></span>rs, a<span class=\"_ _7\"></span>nd r<span class=\"_ _7\"></span>etros<span class=\"_ _7\"></span>pecti<span class=\"_ _7\"></span>ve re<span class=\"_ _7\"></span>bates<span class=\"_ _7\"></span> to c<span class=\"_ _7\"></span>ustom<span class=\"_ _7\"></span>ers, <span class=\"_ _7\"></span>and a<span class=\"_ _7\"></span>re pa<span class=\"_ _7\"></span>rt of<span class=\"_ _7\"></span> the </span><span style=\"display:inherit;clear:left;\">norm<span class=\"_ _7\"></span>al w<span class=\"_ _7\"></span>orkin<span class=\"_ _7\"></span>g cap<span class=\"_ _7\"></span>ital <span class=\"_ _7\"></span>cycle<span class=\"_ _7\"></span>. Th<span class=\"_ _7\"></span>e cas<span class=\"_ _7\"></span>h flo<span class=\"_ _7\"></span>w ari<span class=\"_ _7\"></span>sing <span class=\"_ _7\"></span>from<span class=\"_ _7\"></span> all t<span class=\"_ _7\"></span>rade <span class=\"_ _7\"></span>payab<span class=\"_ _7\"></span>les i<span class=\"_ _7\"></span>s par<span class=\"_ _7\"></span>t of <span class=\"_ _7\"></span>cash <span class=\"_ _7\"></span>flow<span class=\"_ _7\"></span> from<span class=\"_ _7\"></span> oper<span class=\"_ _7\"></span>ating<span class=\"_ _7\"></span> acti<span class=\"_ _7\"></span>vitie<span class=\"_ _7\"></span>s. Tr<span class=\"_ _7\"></span>ade </span><span style=\"display:inherit;clear:left;\">rece<span class=\"_ _7\"></span>ivabl<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost u<span class=\"_ _7\"></span>nless<span class=\"_ _7\"></span> they<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>subje<span class=\"_ _7\"></span>ct to<span class=\"_ _7\"></span> non-<span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>urse f<span class=\"_ _7\"></span>acto<span class=\"_ _7\"></span>ring,<span class=\"_ _7\"></span> in w<span class=\"_ _7\"></span>hich <span class=\"_ _7\"></span>case <span class=\"_ _7\"></span>they <span class=\"_ _7\"></span>are h<span class=\"_ _7\"></span>eld a<span class=\"_ _7\"></span>t fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ue. </span><span style=\"display:inherit;clear:left;\">The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the </span><span style=\"display:inherit;clear:left;\">number of bottles, kegs, cans and crates in circulation, and expected return rates.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__52-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Sale of receivables</span><span style=\"display:inherit;clear:left;\">Carlsberg has chosen to sell some of its trade receivables in selected Western European markets in non-recourse factoring </span><span style=\"display:inherit;clear:left;\">agreements to expedite cash collection from groups of customers. Carlsberg does not carry any credit risk on these customers and </span><span style=\"display:inherit;clear:left;\">has no continuing involvement in these trade receivables, which have therefore been derecognised.</span><span style=\"display:inherit;clear:left;\">The impact on average trade working capital from the use of supplier finance arrangements and factoring is limited, as the utilisation </span><span style=\"display:inherit;clear:left;\">is similar to previous years.</span><span style=\"display:inherit;clear:left;\">Section 1.5</span><span style=\"display:inherit;clear:left;\">Trade and other receivables</span><span style=\"display:inherit;clear:left;\">1.5.1 Receivables</span><span style=\"display:inherit;clear:left;\">The Group\u2019s trade receivables consist of receivables from sales of goods and services and on-trade loans. Non-current receivables </span><span style=\"display:inherit;clear:left;\">consist mainly of on-trade loans that fall due more than one year from the reporting date. </span><span style=\"display:inherit;clear:left;\">Receivables included in the statement of financial position</span><span style=\"display:inherit;clear:left;position:relative;height:225.203125px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 435.562px; top: 0.212891px; width: 23.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 426.266px; top: 13.7129px; width: 313.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">current</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Current</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 140.941px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 44.0879px; width: 646.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 379.418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 10.7637px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Trade receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 11.3379px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other receivables</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.0801px; width: 739.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,443</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,443</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 77.9551px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 373.863px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">266</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">819</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 94.8301px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.17px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">307</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,990</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,297</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 111.588px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 359.35px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">860</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,709</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,990</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,559</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 145.338px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 162.33px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,692</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,692</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 179.205px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 376.166px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">617</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">248</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">865</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 196.08px; width: 739.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 365.977px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">197</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,258</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,455</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.838px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.17px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">814</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,940</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,258</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,012</span></span></span><span style=\"display:inherit;clear:left;\">The carrying amount of receivables approximates their fair value. For on-trade loans, the fair value is calculated as discounted cash </span><span style=\"display:inherit;clear:left;\">flows using the interest rate at the reporting date.</span><span style=\"display:inherit;clear:left;\">Other receivables primarily comprise VAT and similar government receivables, interest receivables and other financial receivables. </span><span style=\"display:inherit;clear:left;\">These are associated with low risk. </span><span style=\"display:inherit;clear:left;\">Of the total non-current receivables, DKK 104m (2024: DKK 123m) falls due more than five years from the reporting date.</span><span style=\"display:inherit;clear:left;\">Receivables from sales of goods and services <span class=\"ff9\">(broken down by <span class=\"_ _7\"></span>region)</span></span><span style=\"display:inherit;clear:left;position:relative;height:232.875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 360.75px; top: 0.0097656px; width: 136.904px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 17.002px; width: 484.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">39% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 33.877px; width: 484.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 322.822px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 50.752px; width: 484.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Poland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 67.627px; width: 484.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 311.238px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 84.502px; width: 484.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.824px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">11% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 101.377px; width: 484.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.084px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9% </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 121.133px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 118.135px; width: 485.121px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 271.084px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">66% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">55% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 144.127px; width: 482.789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brazil</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 327.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 161.002px; width: 484.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">6% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 177.877px; width: 484.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 324.885px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">15% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">29% </span></span><span class=\"pp-font-color-override-3\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.633px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 194.635px; width: 485.039px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 181.711px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">25% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">35% </span></span><span class=\"pp-font-color-override-4\" style=\"position: absolute; display: inline-block; left: 0px; top: 223.508px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 15.6562px; top: 220.51px; width: 484.729px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 332.818px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10% </span></span></span><span style=\"display:inherit;clear:left;\">The distribution of receivables broken down by country is affected by market-specific changes in payment patterns. </span><span style=\"display:inherit;clear:left;\">1.5.2 On-trade loans</span><span style=\"display:inherit;clear:left;\">On-trade loans recognised in other operating activities, net</span><span style=\"display:inherit;clear:left;position:relative;height:65.34375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3457px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest and amortisation of on-trade loans recognised in other operating activities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 236.596px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2207px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Losses and write-downs on on-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9785px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 523.68px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span></span><span style=\"display:inherit;clear:left;\">Under certain circumstances, the Group grants loans to on-trade customers in France, the UK, Switzerland, Germany and Sweden. </span><span style=\"display:inherit;clear:left;\">On-trade loans are spread across a large number of customers/debtors and consist of several types of loans, including loans repaid </span><span style=\"display:inherit;clear:left;\">in cash or through reduced discounts and guarantees for loans provided by third partie<span class=\"_ _7\"></span>s, cf. section 3.4.</span><span style=\"display:inherit;clear:left;\">The operating entities monitor and control these loans in accordance with Group guidelines.<span class=\"_ _7\"></span> The specification of the cash flow related </span><span style=\"display:inherit;clear:left;\">to on-trade loans is shown in section 1.4<span class=\"fc6\">.</span></span><span style=\"display:inherit;clear:left;\">The average effective interest rate on loans to the on-trade was 3.9% (2024: 4.6%). The interest income is recognised in other </span><span style=\"display:inherit;clear:left;\">operating activities. </span><span style=\"display:inherit;clear:left;\">On-trade loans (broken down by country)</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 602.797px; top: 0.0097656px; width: 136.904px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 740.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 562.669px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">32% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">34% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 740.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">30% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">30% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 741.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 551.79px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">22% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 740.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 571.072px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">12% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 741.006px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 595.957px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 738.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">100% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;\">1.5.3 Credit risk</span><span style=\"display:inherit;clear:left;\">Credit risk on receivables</span><span style=\"display:inherit;clear:left;position:relative;height:399.375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.828px; top: 5.63477px; width: 45.3223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Weighted</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.016px; top: 19.1348px; width: 37.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">average</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 321.016px; top: 32.6348px; width: 306.428px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Loss allowance</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Receivables, net</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.344px; top: 32.6348px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">loss rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.5098px; width: 211.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.502px; width: 741.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 316.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,842</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,658</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.377px; width: 741.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-41</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">542</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.252px; width: 741.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">223</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">173</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">22% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.127px; width: 741.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">84% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 133.885px; width: 627.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,074</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,443</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.635px; width: 70.7754px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 184.627px; width: 741.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 325.412px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">728</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-77</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">651</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">11% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.502px; width: 741.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">15% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.377px; width: 741.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">8% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.252px; width: 741.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-333</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">71% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 252.01px; width: 627.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,233</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-414</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">819</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 285.76px; width: 82.0078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 302.752px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 316.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,998</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 319.627px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 304.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 336.502px; width: 741.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">98</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 353.377px; width: 741.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.357px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">201</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">8% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 370.135px; width: 627.211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,317</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,297</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 387.01px; width: 626.801px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.584px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,065</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,559</span></span></span><span style=\"display:inherit;clear:left;\">Credit risk on receivables</span><span style=\"display:inherit;clear:left;position:relative;height:399.375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.906px; top: 5.63477px; width: 45.3223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Weighted</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.094px; top: 19.1348px; width: 37.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">average</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 320.625px; top: 32.6348px; width: 306.428px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Loss allowance</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Receivables, net</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.219px; top: 32.6348px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">loss rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.5098px; width: 211.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.502px; width: 741.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 318.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,577</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-212</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,365</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.377px; width: 741.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">249</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">203</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.252px; width: 741.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.865px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">167</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-53</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">32% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.127px; width: 741.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.344px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">343</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-333</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">97% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 133.885px; width: 626.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 164.285px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,692</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.635px; width: 70.7754px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 184.627px; width: 741.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.084px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">791</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-94</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">697</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">12% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.502px; width: 741.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.535px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.377px; width: 741.879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">11% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.252px; width: 741.855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">471</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-338</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">133</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">72% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 252.01px; width: 626.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,301</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-436</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">865</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 285.76px; width: 82.0078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 302.752px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 319.627px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 305.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 336.502px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.344px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 353.377px; width: 742.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">88</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">15% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 370.135px; width: 627.34px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,477</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,455</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 387.01px; width: 627.064px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 355.4px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,102</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,012</span></span></span><span style=\"display:inherit;clear:left;\">In 2025, receivables not past due amounted to 84% (2024: 84%) of total gross receivables.</span><span style=\"display:inherit;clear:left;\">The past-due share of gross loans to on-trade customers was 41% (2024: 39%). Total accumulated allowances for impairment losses </span><span style=\"display:inherit;clear:left;\">on on-trade loans were DKK 414m (2024: DKK 436m), and the share of receivables from sales of goods and services past due was </span><span style=\"display:inherit;clear:left;\">15% (2024 at 14%). </span><span style=\"display:inherit;clear:left;\">The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade channel, especially in Western </span><span style=\"display:inherit;clear:left;\">Europe, continues to experience challenges as a result of weak consumer sentiment. This means the credit risk for on-trade loans has </span><span style=\"display:inherit;clear:left;\">increased on a collective basis since initial recognition, which is why loss allowances are measured at an amount equal to the lifetime </span><span style=\"display:inherit;clear:left;\">expected credit losses. This is the same as for receivables from sales of goods and services.</span><span style=\"display:inherit;clear:left;\">Development in impairment losses on receivables</span><span style=\"display:inherit;clear:left;position:relative;height:193.609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.219px; top: 0.0097656px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 285.359px; top: 19.2441px; width: 83.7715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 298.422px; top: 32.7441px; width: 70.6699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">sales of goods </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 526.156px; top: 32.7441px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 46.2441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 46.2441px; width: 152.678px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">and services\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.4395px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">On-trade loans\u00b2</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 497.125px; top: 46.2441px; width: 242.936px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">receivables\u00b2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 63.2363px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 233.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-436</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,102</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,106</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 80.1113px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additional impairment losses recognised</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 167.994px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 96.9863px; width: 739.729px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Realised during the year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 242.683px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">62</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 113.861px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 219.111px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">95</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 130.736px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 252.31px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-33</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 147.611px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 275.022px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 164.486px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 181.244px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-414</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,065</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,102</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Lifetime expected credit loss.</span><span style=\"display:inherit;clear:left;\">\u00b2 12-month expected credit loss, except for an insignificant share that is a lifetime expected credit<span class=\"_ _7\"></span> loss.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">On-<span class=\"_ _7\"></span>trade<span class=\"_ _7\"></span> loa<span class=\"_ _7\"></span>n agr<span class=\"_ _7\"></span>eeme<span class=\"_ _7\"></span>nts <span class=\"_ _7\"></span>are c<span class=\"_ _7\"></span>ompl<span class=\"_ _7\"></span>ex, <span class=\"_ _7\"></span>cover<span class=\"_ _7\"></span> sev<span class=\"_ _7\"></span>eral <span class=\"_ _7\"></span>aspe<span class=\"_ _7\"></span>cts o<span class=\"_ _7\"></span>f th<span class=\"_ _7\"></span>e cu<span class=\"_ _7\"></span>stome<span class=\"_ _7\"></span>r re<span class=\"_ _7\"></span>lati<span class=\"_ _7\"></span>onshi<span class=\"_ _7\"></span>p an<span class=\"_ _7\"></span>d may<span class=\"_ _7\"></span> var<span class=\"_ _7\"></span>y fro<span class=\"_ _7\"></span>m ag<span class=\"_ _7\"></span>reem<span class=\"_ _7\"></span>ent t<span class=\"_ _7\"></span>o </span><span style=\"display:inherit;clear:left;\">agr<span class=\"_ _7\"></span>eemen<span class=\"_ _7\"></span>t. M<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> ass<span class=\"_ _7\"></span>esses<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> rec<span class=\"_ _7\"></span>ognit<span class=\"_ _7\"></span>ion <span class=\"_ _7\"></span>and c<span class=\"_ _7\"></span>lass<span class=\"_ _7\"></span>ifica<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>ncom<span class=\"_ _7\"></span>e and<span class=\"_ _7\"></span> exp<span class=\"_ _7\"></span>ense<span class=\"_ _7\"></span>s for<span class=\"_ _7\"></span> eac<span class=\"_ _7\"></span>h agr<span class=\"_ _7\"></span>eeme<span class=\"_ _7\"></span>nt, <span class=\"_ _7\"></span>inclu<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _7\"></span>ocati<span class=\"_ _7\"></span>on o<span class=\"_ _7\"></span>f pay<span class=\"_ _7\"></span>ment<span class=\"_ _7\"></span>s fr<span class=\"_ _7\"></span>om th<span class=\"_ _7\"></span>e cu<span class=\"_ _7\"></span>stome<span class=\"_ _7\"></span>r be<span class=\"_ _7\"></span>twee<span class=\"_ _7\"></span>n re<span class=\"_ _7\"></span>venue<span class=\"_ _7\"></span>, di<span class=\"_ _7\"></span>scoun<span class=\"_ _7\"></span>ts, <span class=\"_ _7\"></span>inte<span class=\"_ _7\"></span>rest <span class=\"_ _7\"></span>(oth<span class=\"_ _7\"></span>er o<span class=\"_ _7\"></span>perat<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>activ<span class=\"_ _7\"></span>itie<span class=\"_ _7\"></span>s) an<span class=\"_ _7\"></span>d re<span class=\"_ _7\"></span>paym<span class=\"_ _7\"></span>ent o<span class=\"_ _7\"></span>f th<span class=\"_ _7\"></span>e lo<span class=\"_ _7\"></span>an.<span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Management also assesses both individually and on a portfolio basis whether developments in local conditions for on-trade </span><span style=\"display:inherit;clear:left;\">customers could impact the expected credit losses. Exposure to credit risk on receivables and loans is managed locally, and credit </span><span style=\"display:inherit;clear:left;\">limits are set as considered appropriate for the customer, taking into account the current local market conditions. When assessing </span><span style=\"display:inherit;clear:left;\">the risk locally, entities assess the credit risk and adhere to Group guidelines, which include setting credit limits, encouraging cash </span><span style=\"display:inherit;clear:left;\">payment, purchasing credit insurance and holding collateral.</span><span style=\"display:inherit;clear:left;\">In assessing credit risk, management analyses the need for impairment of trade receivables and on-trade loans due to customers\u2019 </span><span style=\"display:inherit;clear:left;\">inability to pay. </span><span style=\"display:inherit;clear:left;\">Expec<span class=\"_ _7\"></span>ted cred<span class=\"_ _7\"></span>it losses<span class=\"_ _7\"></span> are ass<span class=\"_ _7\"></span>essed fo<span class=\"_ _7\"></span>r portfo<span class=\"_ _7\"></span>lios of r<span class=\"_ _7\"></span>eceivabl<span class=\"_ _7\"></span>es based<span class=\"_ _7\"></span> on cust<span class=\"_ _7\"></span>omer seg<span class=\"_ _7\"></span>ments, h<span class=\"_ _7\"></span>istorical<span class=\"_ _7\"></span> informa<span class=\"_ _7\"></span>tion on <span class=\"_ _7\"></span>payment </span><span style=\"display:inherit;clear:left;\">patte<span class=\"_ _7\"></span>rns, ter<span class=\"_ _7\"></span>ms of pay<span class=\"_ _7\"></span>ment and<span class=\"_ _7\"></span> concen<span class=\"_ _7\"></span>tration m<span class=\"_ _7\"></span>aturity<span class=\"_ _7\"></span>. The exp<span class=\"_ _7\"></span>ected im<span class=\"_ _7\"></span>pact inc<span class=\"_ _7\"></span>ludes th<span class=\"_ _7\"></span>e risk o<span class=\"_ _7\"></span>f insolve<span class=\"_ _7\"></span>ncies du<span class=\"_ _7\"></span>e to lac<span class=\"_ _7\"></span>k of liq<span class=\"_ _7\"></span>uidity<span class=\"_ _0\"></span>. </span><span style=\"display:inherit;clear:left;\">The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher </span><span style=\"display:inherit;clear:left;\">risk than receivables from sales of goods and services and are concentrated in a few markets. The credit risk on on-trade loans can </span><span style=\"display:inherit;clear:left;\">be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s etc.). </span><span style=\"display:inherit;clear:left;\">The fair value of the pledged on-trade movables cannot be estimated reliably but is assessed to be insignificant, as they cannot </span><span style=\"display:inherit;clear:left;\">readily be reused.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Receivables are recognised initially at the transaction price and subsequently measured at amortised cost less loss allowance or </span><span style=\"display:inherit;clear:left;\">impairment losses. Trade receivables comprise sales of goods and services as well as short-term on-trade loans to customers. Other </span><span style=\"display:inherit;clear:left;\">receivables comprise VAT receivables, loans to partners and associates, interest receivables and other financial receivables. </span><span style=\"display:inherit;clear:left;\">For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount </span><span style=\"display:inherit;clear:left;\">to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement. </span><span style=\"display:inherit;clear:left;\">The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan </span><span style=\"display:inherit;clear:left;\">with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The </span><span style=\"display:inherit;clear:left;\">amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue. </span><span style=\"display:inherit;clear:left;\">The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss </span><span style=\"display:inherit;clear:left;\">allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing </span><span style=\"display:inherit;clear:left;\">the same credit risk characteristics and past-due days.</span><span style=\"display:inherit;clear:left;\">Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">losses, depending on whether a significant increase in credit risk has arisen since initial recognition.</span></span> </span><span style=\"display:inherit;clear:left;\">In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from </span><span style=\"display:inherit;clear:left;\">sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for </span><span style=\"display:inherit;clear:left;\">derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing </span><span style=\"display:inherit;clear:left;\">involvement once the receivables have been derecognised.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__48-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The deposit on returnable packaging materials is estimated based on movements in recognised liabilities during the year, loss of </span><span style=\"display:inherit;clear:left;\">returnable packaging materials in the market, planned changes in packaging types and historical information about return rates.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Trad<span class=\"_ _7\"></span>e pay<span class=\"_ _7\"></span>ables<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>recog<span class=\"_ _7\"></span>nised<span class=\"_ _7\"></span> init<span class=\"_ _7\"></span>ially<span class=\"_ _7\"></span> at f<span class=\"_ _7\"></span>air v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uentl<span class=\"_ _7\"></span>y mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost. <span class=\"_ _7\"></span>Trade<span class=\"_ _7\"></span> paya<span class=\"_ _7\"></span>bles <span class=\"_ _7\"></span>compr<span class=\"_ _7\"></span>ise p<span class=\"_ _7\"></span>urcha<span class=\"_ _7\"></span>se </span><span style=\"display:inherit;clear:left;\">of g<span class=\"_ _7\"></span>oods <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ervic<span class=\"_ _7\"></span>es, i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ing p<span class=\"_ _7\"></span>ayabl<span class=\"_ _7\"></span>es to<span class=\"_ _7\"></span> supp<span class=\"_ _7\"></span>lier <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>ce pr<span class=\"_ _7\"></span>ovide<span class=\"_ _7\"></span>rs, a<span class=\"_ _7\"></span>nd r<span class=\"_ _7\"></span>etros<span class=\"_ _7\"></span>pecti<span class=\"_ _7\"></span>ve re<span class=\"_ _7\"></span>bates<span class=\"_ _7\"></span> to c<span class=\"_ _7\"></span>ustom<span class=\"_ _7\"></span>ers, <span class=\"_ _7\"></span>and a<span class=\"_ _7\"></span>re pa<span class=\"_ _7\"></span>rt of<span class=\"_ _7\"></span> the </span><span style=\"display:inherit;clear:left;\">norm<span class=\"_ _7\"></span>al w<span class=\"_ _7\"></span>orkin<span class=\"_ _7\"></span>g cap<span class=\"_ _7\"></span>ital <span class=\"_ _7\"></span>cycle<span class=\"_ _7\"></span>. Th<span class=\"_ _7\"></span>e cas<span class=\"_ _7\"></span>h flo<span class=\"_ _7\"></span>w ari<span class=\"_ _7\"></span>sing <span class=\"_ _7\"></span>from<span class=\"_ _7\"></span> all t<span class=\"_ _7\"></span>rade <span class=\"_ _7\"></span>payab<span class=\"_ _7\"></span>les i<span class=\"_ _7\"></span>s par<span class=\"_ _7\"></span>t of <span class=\"_ _7\"></span>cash <span class=\"_ _7\"></span>flow<span class=\"_ _7\"></span> from<span class=\"_ _7\"></span> oper<span class=\"_ _7\"></span>ating<span class=\"_ _7\"></span> acti<span class=\"_ _7\"></span>vitie<span class=\"_ _7\"></span>s. Tr<span class=\"_ _7\"></span>ade </span><span style=\"display:inherit;clear:left;\">rece<span class=\"_ _7\"></span>ivabl<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost u<span class=\"_ _7\"></span>nless<span class=\"_ _7\"></span> they<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>subje<span class=\"_ _7\"></span>ct to<span class=\"_ _7\"></span> non-<span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>urse f<span class=\"_ _7\"></span>acto<span class=\"_ _7\"></span>ring,<span class=\"_ _7\"></span> in w<span class=\"_ _7\"></span>hich <span class=\"_ _7\"></span>case <span class=\"_ _7\"></span>they <span class=\"_ _7\"></span>are h<span class=\"_ _7\"></span>eld a<span class=\"_ _7\"></span>t fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ue. </span><span style=\"display:inherit;clear:left;\">The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the </span><span style=\"display:inherit;clear:left;\">number of bottles, kegs, cans and crates in circulation, and expected return rates.</span><span style=\"display:inherit;clear:left;\">Section 3.3</span><span style=\"display:inherit;clear:left;\">Other liabilities</span><span style=\"display:inherit;clear:left;position:relative;height:217.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 115.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other liabilities by origin</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Staff costs payable</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,281</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Excise duties and VAT payable</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 463.346px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,651</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 534.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,591</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,447</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 533.509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">403</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,916</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 575.164px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,593</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 58.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Classified as</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.236px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 505.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,446</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,495</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 188.111px; width: 739.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,178</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,098</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.869px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 575.164px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,593</span></span></span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Other liabilities include excise duties (specific taxes imposed on sales of beer and soft drinks), VAT, withholding tax, accrued interest </span><span style=\"display:inherit;clear:left;\">and payroll, e.g. salaries, overtime, vacation and bonus. </span><span style=\"display:inherit;clear:left;\">Other liabilities (current) are initially recognised at fair value and subsequently at amortised cost.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__51": {
   "value": "<span style=\"display:inherit;clear:left;\">Trad<span class=\"_ _7\"></span>e pay<span class=\"_ _7\"></span>ables<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>recog<span class=\"_ _7\"></span>nised<span class=\"_ _7\"></span> init<span class=\"_ _7\"></span>ially<span class=\"_ _7\"></span> at f<span class=\"_ _7\"></span>air v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uentl<span class=\"_ _7\"></span>y mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost. <span class=\"_ _7\"></span>Trade<span class=\"_ _7\"></span> paya<span class=\"_ _7\"></span>bles <span class=\"_ _7\"></span>compr<span class=\"_ _7\"></span>ise p<span class=\"_ _7\"></span>urcha<span class=\"_ _7\"></span>se </span><span style=\"display:inherit;clear:left;\">of g<span class=\"_ _7\"></span>oods <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ervic<span class=\"_ _7\"></span>es, i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ing p<span class=\"_ _7\"></span>ayabl<span class=\"_ _7\"></span>es to<span class=\"_ _7\"></span> supp<span class=\"_ _7\"></span>lier <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>ce pr<span class=\"_ _7\"></span>ovide<span class=\"_ _7\"></span>rs, a<span class=\"_ _7\"></span>nd r<span class=\"_ _7\"></span>etros<span class=\"_ _7\"></span>pecti<span class=\"_ _7\"></span>ve re<span class=\"_ _7\"></span>bates<span class=\"_ _7\"></span> to c<span class=\"_ _7\"></span>ustom<span class=\"_ _7\"></span>ers, <span class=\"_ _7\"></span>and a<span class=\"_ _7\"></span>re pa<span class=\"_ _7\"></span>rt of<span class=\"_ _7\"></span> the </span><span style=\"display:inherit;clear:left;\">norm<span class=\"_ _7\"></span>al w<span class=\"_ _7\"></span>orkin<span class=\"_ _7\"></span>g cap<span class=\"_ _7\"></span>ital <span class=\"_ _7\"></span>cycle<span class=\"_ _7\"></span>. Th<span class=\"_ _7\"></span>e cas<span class=\"_ _7\"></span>h flo<span class=\"_ _7\"></span>w ari<span class=\"_ _7\"></span>sing <span class=\"_ _7\"></span>from<span class=\"_ _7\"></span> all t<span class=\"_ _7\"></span>rade <span class=\"_ _7\"></span>payab<span class=\"_ _7\"></span>les i<span class=\"_ _7\"></span>s par<span class=\"_ _7\"></span>t of <span class=\"_ _7\"></span>cash <span class=\"_ _7\"></span>flow<span class=\"_ _7\"></span> from<span class=\"_ _7\"></span> oper<span class=\"_ _7\"></span>ating<span class=\"_ _7\"></span> acti<span class=\"_ _7\"></span>vitie<span class=\"_ _7\"></span>s. Tr<span class=\"_ _7\"></span>ade </span><span style=\"display:inherit;clear:left;\">rece<span class=\"_ _7\"></span>ivabl<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost u<span class=\"_ _7\"></span>nless<span class=\"_ _7\"></span> they<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>subje<span class=\"_ _7\"></span>ct to<span class=\"_ _7\"></span> non-<span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>urse f<span class=\"_ _7\"></span>acto<span class=\"_ _7\"></span>ring,<span class=\"_ _7\"></span> in w<span class=\"_ _7\"></span>hich <span class=\"_ _7\"></span>case <span class=\"_ _7\"></span>they <span class=\"_ _7\"></span>are h<span class=\"_ _7\"></span>eld a<span class=\"_ _7\"></span>t fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ue. </span><span style=\"display:inherit;clear:left;\">The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the </span><span style=\"display:inherit;clear:left;\">number of bottles, kegs, cans and crates in circulation, and expected return rates.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__46-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Trad<span class=\"_ _7\"></span>e pay<span class=\"_ _7\"></span>ables<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>recog<span class=\"_ _7\"></span>nised<span class=\"_ _7\"></span> init<span class=\"_ _7\"></span>ially<span class=\"_ _7\"></span> at f<span class=\"_ _7\"></span>air v<span class=\"_ _7\"></span>alue <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ubseq<span class=\"_ _7\"></span>uentl<span class=\"_ _7\"></span>y mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost. <span class=\"_ _7\"></span>Trade<span class=\"_ _7\"></span> paya<span class=\"_ _7\"></span>bles <span class=\"_ _7\"></span>compr<span class=\"_ _7\"></span>ise p<span class=\"_ _7\"></span>urcha<span class=\"_ _7\"></span>se </span><span style=\"display:inherit;clear:left;\">of g<span class=\"_ _7\"></span>oods <span class=\"_ _7\"></span>and s<span class=\"_ _7\"></span>ervic<span class=\"_ _7\"></span>es, i<span class=\"_ _7\"></span>nclud<span class=\"_ _7\"></span>ing p<span class=\"_ _7\"></span>ayabl<span class=\"_ _7\"></span>es to<span class=\"_ _7\"></span> supp<span class=\"_ _7\"></span>lier <span class=\"_ _7\"></span>finan<span class=\"_ _7\"></span>ce pr<span class=\"_ _7\"></span>ovide<span class=\"_ _7\"></span>rs, a<span class=\"_ _7\"></span>nd r<span class=\"_ _7\"></span>etros<span class=\"_ _7\"></span>pecti<span class=\"_ _7\"></span>ve re<span class=\"_ _7\"></span>bates<span class=\"_ _7\"></span> to c<span class=\"_ _7\"></span>ustom<span class=\"_ _7\"></span>ers, <span class=\"_ _7\"></span>and a<span class=\"_ _7\"></span>re pa<span class=\"_ _7\"></span>rt of<span class=\"_ _7\"></span> the </span><span style=\"display:inherit;clear:left;\">norm<span class=\"_ _7\"></span>al w<span class=\"_ _7\"></span>orkin<span class=\"_ _7\"></span>g cap<span class=\"_ _7\"></span>ital <span class=\"_ _7\"></span>cycle<span class=\"_ _7\"></span>. Th<span class=\"_ _7\"></span>e cas<span class=\"_ _7\"></span>h flo<span class=\"_ _7\"></span>w ari<span class=\"_ _7\"></span>sing <span class=\"_ _7\"></span>from<span class=\"_ _7\"></span> all t<span class=\"_ _7\"></span>rade <span class=\"_ _7\"></span>payab<span class=\"_ _7\"></span>les i<span class=\"_ _7\"></span>s par<span class=\"_ _7\"></span>t of <span class=\"_ _7\"></span>cash <span class=\"_ _7\"></span>flow<span class=\"_ _7\"></span> from<span class=\"_ _7\"></span> oper<span class=\"_ _7\"></span>ating<span class=\"_ _7\"></span> acti<span class=\"_ _7\"></span>vitie<span class=\"_ _7\"></span>s. Tr<span class=\"_ _7\"></span>ade </span><span style=\"display:inherit;clear:left;\">rece<span class=\"_ _7\"></span>ivabl<span class=\"_ _7\"></span>es ar<span class=\"_ _7\"></span>e mea<span class=\"_ _7\"></span>sured<span class=\"_ _7\"></span> at a<span class=\"_ _7\"></span>morti<span class=\"_ _7\"></span>sed c<span class=\"_ _7\"></span>ost u<span class=\"_ _7\"></span>nless<span class=\"_ _7\"></span> they<span class=\"_ _7\"></span> are <span class=\"_ _7\"></span>subje<span class=\"_ _7\"></span>ct to<span class=\"_ _7\"></span> non-<span class=\"_ _7\"></span>reco<span class=\"_ _7\"></span>urse f<span class=\"_ _7\"></span>acto<span class=\"_ _7\"></span>ring,<span class=\"_ _7\"></span> in w<span class=\"_ _7\"></span>hich <span class=\"_ _7\"></span>case <span class=\"_ _7\"></span>they <span class=\"_ _7\"></span>are h<span class=\"_ _7\"></span>eld a<span class=\"_ _7\"></span>t fai<span class=\"_ _7\"></span>r val<span class=\"_ _7\"></span>ue. </span><span style=\"display:inherit;clear:left;\">The obligation to refund deposits on returnable packaging materials is measured on the basis of deposit price, an estimate of the </span><span style=\"display:inherit;clear:left;\">number of bottles, kegs, cans and crates in circulation, and expected return rates.</span><span style=\"display:inherit;clear:left;\">Cash flow</span><span style=\"display:inherit;clear:left;\">Cas<span class=\"_ _7\"></span>h f<span class=\"_ _7\"></span>low <span class=\"_ _7\"></span>is c<span class=\"_ _7\"></span>alc<span class=\"_ _7\"></span>ulat<span class=\"_ _7\"></span>ed u<span class=\"_ _7\"></span>sin<span class=\"_ _7\"></span>g th<span class=\"_ _7\"></span>e in<span class=\"_ _7\"></span>dir<span class=\"_ _7\"></span>ect <span class=\"_ _7\"></span>met<span class=\"_ _7\"></span>hod <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>is <span class=\"_ _7\"></span>base<span class=\"_ _7\"></span>d on<span class=\"_ _7\"></span> op<span class=\"_ _7\"></span>erat<span class=\"_ _7\"></span>ing<span class=\"_ _7\"></span> pro<span class=\"_ _7\"></span>fit <span class=\"_ _7\"></span>bef<span class=\"_ _7\"></span>ore <span class=\"_ _7\"></span>spec<span class=\"_ _7\"></span>ial<span class=\"_ _7\"></span> ite<span class=\"_ _7\"></span>ms a<span class=\"_ _7\"></span>dju<span class=\"_ _7\"></span>sted<span class=\"_ _7\"></span> fo<span class=\"_ _7\"></span>r de<span class=\"_ _7\"></span>prec<span class=\"_ _7\"></span>iat<span class=\"_ _7\"></span>ion,<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">amo<span class=\"_ _7\"></span>rti<span class=\"_ _7\"></span>sati<span class=\"_ _7\"></span>on a<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>impa<span class=\"_ _7\"></span>irme<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>loss<span class=\"_ _7\"></span>es.<span class=\"_ _7\"></span> Cas<span class=\"_ _7\"></span>h fl<span class=\"_ _7\"></span>ow <span class=\"_ _7\"></span>cann<span class=\"_ _7\"></span>ot b<span class=\"_ _7\"></span>e d<span class=\"_ _7\"></span>eriv<span class=\"_ _7\"></span>ed d<span class=\"_ _7\"></span>ire<span class=\"_ _7\"></span>ctly<span class=\"_ _7\"></span> fr<span class=\"_ _7\"></span>om t<span class=\"_ _7\"></span>he s<span class=\"_ _7\"></span>tat<span class=\"_ _7\"></span>emen<span class=\"_ _7\"></span>t o<span class=\"_ _7\"></span>f fi<span class=\"_ _7\"></span>nanc<span class=\"_ _7\"></span>ial<span class=\"_ _7\"></span> pos<span class=\"_ _7\"></span>itio<span class=\"_ _7\"></span>n a<span class=\"_ _7\"></span>nd i<span class=\"_ _7\"></span>ncom<span class=\"_ _7\"></span>e s<span class=\"_ _7\"></span>tate<span class=\"_ _7\"></span>men<span class=\"_ _7\"></span>t.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__55-1": {
   "value": "<span style=\"display:inherit;clear:left;\">1.5.2 On-trade loans</span><span style=\"display:inherit;clear:left;\">On-trade loans recognised in other operating activities, net</span><span style=\"display:inherit;clear:left;position:relative;height:65.34375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3457px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest and amortisation of on-trade loans recognised in other operating activities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 236.596px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2207px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Losses and write-downs on on-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9785px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 523.68px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span></span><span style=\"display:inherit;clear:left;\">Under certain circumstances, the Group grants loans to on-trade customers in France, the UK, Switzerland, Germany and Sweden. </span><span style=\"display:inherit;clear:left;\">On-trade loans are spread across a large number of customers/debtors and consist of several types of loans, including loans repaid </span><span style=\"display:inherit;clear:left;\">in cash or through reduced discounts and guarantees for loans provided by third partie<span class=\"_ _7\"></span>s, cf. section 3.4.</span><span style=\"display:inherit;clear:left;\">The operating entities monitor and control these loans in accordance with Group guidelines.<span class=\"_ _7\"></span> The specification of the cash flow related </span><span style=\"display:inherit;clear:left;\">to on-trade loans is shown in section 1.4<span class=\"fc6\">.</span></span><span style=\"display:inherit;clear:left;\">The average effective interest rate on loans to the on-trade was 3.9% (2024: 4.6%). The interest income is recognised in other </span><span style=\"display:inherit;clear:left;\">operating activities. </span><span style=\"display:inherit;clear:left;\">On-trade loans (broken down by country)</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 602.797px; top: 0.0097656px; width: 136.904px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 740.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 562.669px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">32% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">34% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 740.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">30% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">30% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 741.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 551.79px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">22% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 740.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 571.072px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">12% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 741.006px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 595.957px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 738.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">100% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;\">For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount </span><span style=\"display:inherit;clear:left;\">to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement. </span><span style=\"display:inherit;clear:left;\">The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan </span><span style=\"display:inherit;clear:left;\">with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The </span><span style=\"display:inherit;clear:left;\">amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue. </span><span style=\"display:inherit;clear:left;\">The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss </span><span style=\"display:inherit;clear:left;\">allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing </span><span style=\"display:inherit;clear:left;\">the same credit risk characteristics and past-due days.</span><span style=\"display:inherit;clear:left;\">Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit </span><span style=\"display:inherit;clear:left;\">losses, depending on whether a significant increase in credit risk has arisen since initial recognition.</span><span style=\"display:inherit;clear:left;\">On-<span class=\"_ _7\"></span>trade<span class=\"_ _7\"></span> loa<span class=\"_ _7\"></span>n agr<span class=\"_ _7\"></span>eeme<span class=\"_ _7\"></span>nts <span class=\"_ _7\"></span>are c<span class=\"_ _7\"></span>ompl<span class=\"_ _7\"></span>ex, <span class=\"_ _7\"></span>cover<span class=\"_ _7\"></span> sev<span class=\"_ _7\"></span>eral <span class=\"_ _7\"></span>aspe<span class=\"_ _7\"></span>cts o<span class=\"_ _7\"></span>f th<span class=\"_ _7\"></span>e cu<span class=\"_ _7\"></span>stome<span class=\"_ _7\"></span>r re<span class=\"_ _7\"></span>lati<span class=\"_ _7\"></span>onshi<span class=\"_ _7\"></span>p an<span class=\"_ _7\"></span>d may<span class=\"_ _7\"></span> var<span class=\"_ _7\"></span>y fro<span class=\"_ _7\"></span>m ag<span class=\"_ _7\"></span>reem<span class=\"_ _7\"></span>ent t<span class=\"_ _7\"></span>o </span><span style=\"display:inherit;clear:left;\">agr<span class=\"_ _7\"></span>eemen<span class=\"_ _7\"></span>t. M<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> ass<span class=\"_ _7\"></span>esses<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> rec<span class=\"_ _7\"></span>ognit<span class=\"_ _7\"></span>ion <span class=\"_ _7\"></span>and c<span class=\"_ _7\"></span>lass<span class=\"_ _7\"></span>ifica<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>ncom<span class=\"_ _7\"></span>e and<span class=\"_ _7\"></span> exp<span class=\"_ _7\"></span>ense<span class=\"_ _7\"></span>s for<span class=\"_ _7\"></span> eac<span class=\"_ _7\"></span>h agr<span class=\"_ _7\"></span>eeme<span class=\"_ _7\"></span>nt, <span class=\"_ _7\"></span>inclu<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _7\"></span>ocati<span class=\"_ _7\"></span>on o<span class=\"_ _7\"></span>f pay<span class=\"_ _7\"></span>ment<span class=\"_ _7\"></span>s fr<span class=\"_ _7\"></span>om th<span class=\"_ _7\"></span>e cu<span class=\"_ _7\"></span>stome<span class=\"_ _7\"></span>r be<span class=\"_ _7\"></span>twee<span class=\"_ _7\"></span>n re<span class=\"_ _7\"></span>venue<span class=\"_ _7\"></span>, di<span class=\"_ _7\"></span>scoun<span class=\"_ _7\"></span>ts, <span class=\"_ _7\"></span>inte<span class=\"_ _7\"></span>rest <span class=\"_ _7\"></span>(oth<span class=\"_ _7\"></span>er o<span class=\"_ _7\"></span>perat<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>activ<span class=\"_ _7\"></span>itie<span class=\"_ _7\"></span>s) an<span class=\"_ _7\"></span>d re<span class=\"_ _7\"></span>paym<span class=\"_ _7\"></span>ent o<span class=\"_ _7\"></span>f th<span class=\"_ _7\"></span>e lo<span class=\"_ _7\"></span>an.<span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Management also assesses both individually and on a portfolio basis whether developments in local conditions for on-trade </span><span style=\"display:inherit;clear:left;\">customers could impact the expected credit losses. Exposure to credit risk on receivables and loans is managed locally, and credit </span><span style=\"display:inherit;clear:left;\">limits are set as considered appropriate for the customer, taking into account the current local market conditions. When assessing </span><span style=\"display:inherit;clear:left;\">the risk locally, entities assess the credit risk and adhere to Group guidelines, which include setting credit limits, encouraging cash </span><span style=\"display:inherit;clear:left;\">payment, purchasing credit insurance and holding collateral.</span><span style=\"display:inherit;clear:left;\">In assessing credit risk, management analyses the need for impairment of trade receivables and on-trade loans due to customers\u2019 </span><span style=\"display:inherit;clear:left;\">inability to pay. </span><span style=\"display:inherit;clear:left;\">Expec<span class=\"_ _7\"></span>ted cred<span class=\"_ _7\"></span>it losses<span class=\"_ _7\"></span> are ass<span class=\"_ _7\"></span>essed fo<span class=\"_ _7\"></span>r portfo<span class=\"_ _7\"></span>lios of r<span class=\"_ _7\"></span>eceivabl<span class=\"_ _7\"></span>es based<span class=\"_ _7\"></span> on cust<span class=\"_ _7\"></span>omer seg<span class=\"_ _7\"></span>ments, h<span class=\"_ _7\"></span>istorical<span class=\"_ _7\"></span> informa<span class=\"_ _7\"></span>tion on <span class=\"_ _7\"></span>payment </span><span style=\"display:inherit;clear:left;\">patte<span class=\"_ _7\"></span>rns, ter<span class=\"_ _7\"></span>ms of pay<span class=\"_ _7\"></span>ment and<span class=\"_ _7\"></span> concen<span class=\"_ _7\"></span>tration m<span class=\"_ _7\"></span>aturity<span class=\"_ _7\"></span>. The exp<span class=\"_ _7\"></span>ected im<span class=\"_ _7\"></span>pact inc<span class=\"_ _7\"></span>ludes th<span class=\"_ _7\"></span>e risk o<span class=\"_ _7\"></span>f insolve<span class=\"_ _7\"></span>ncies du<span class=\"_ _7\"></span>e to lac<span class=\"_ _7\"></span>k of liq<span class=\"_ _7\"></span>uidity<span class=\"_ _0\"></span>. </span><span style=\"display:inherit;clear:left;\">The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher </span><span style=\"display:inherit;clear:left;\">risk than receivables from sales of goods and services and are concentrated in a few markets. The credit risk on on-trade loans can </span><span style=\"display:inherit;clear:left;\">be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s etc.). </span><span style=\"display:inherit;clear:left;\">The fair value of the pledged on-trade movables cannot be estimated reliably but is assessed to be insignificant, as they cannot </span><span style=\"display:inherit;clear:left;\">readily be reused.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__58": {
   "value": "<span style=\"display:inherit;clear:left;\">1.5.3 Credit risk</span><span style=\"display:inherit;clear:left;\">Credit risk on receivables</span><span style=\"display:inherit;clear:left;position:relative;height:399.375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.828px; top: 5.63477px; width: 45.3223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Weighted</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.016px; top: 19.1348px; width: 37.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">average</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 321.016px; top: 32.6348px; width: 306.428px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Loss allowance</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Receivables, net</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.344px; top: 32.6348px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">loss rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.5098px; width: 211.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.502px; width: 741.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 316.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,842</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,658</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.377px; width: 741.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-41</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">542</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.252px; width: 741.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">223</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">173</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">22% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.127px; width: 741.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">84% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 133.885px; width: 627.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,074</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,443</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.635px; width: 70.7754px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 184.627px; width: 741.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 325.412px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">728</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-77</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">651</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">11% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.502px; width: 741.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">15% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.377px; width: 741.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">8% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.252px; width: 741.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-333</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">71% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 252.01px; width: 627.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,233</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-414</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">819</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 285.76px; width: 82.0078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 302.752px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 316.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,998</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 319.627px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 304.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 336.502px; width: 741.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">98</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 353.377px; width: 741.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.357px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">201</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">8% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 370.135px; width: 627.211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,317</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,297</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 387.01px; width: 626.801px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.584px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,065</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,559</span></span></span><span style=\"display:inherit;clear:left;\">Credit risk on receivables</span><span style=\"display:inherit;clear:left;position:relative;height:399.375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.906px; top: 5.63477px; width: 45.3223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Weighted</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.094px; top: 19.1348px; width: 37.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">average</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 320.625px; top: 32.6348px; width: 306.428px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Loss allowance</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Receivables, net</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.219px; top: 32.6348px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">loss rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.5098px; width: 211.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.502px; width: 741.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 318.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,577</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-212</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,365</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.377px; width: 741.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">249</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">203</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.252px; width: 741.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.865px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">167</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-53</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">32% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.127px; width: 741.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.344px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">343</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-333</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">97% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 133.885px; width: 626.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 164.285px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,692</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.635px; width: 70.7754px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 184.627px; width: 741.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.084px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">791</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-94</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">697</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">12% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.502px; width: 741.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.535px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.377px; width: 741.879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">11% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.252px; width: 741.855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">471</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-338</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">133</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">72% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 252.01px; width: 626.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,301</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-436</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">865</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 285.76px; width: 82.0078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 302.752px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 319.627px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 305.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 336.502px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.344px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 353.377px; width: 742.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">88</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">15% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 370.135px; width: 627.34px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,477</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,455</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 387.01px; width: 627.064px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 355.4px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,102</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,012</span></span></span><span style=\"display:inherit;clear:left;\">In 2025, receivables not past due amounted to 84% (2024: 84%) of total gross receivables.</span><span style=\"display:inherit;clear:left;\">The past-due share of gross loans to on-trade customers was 41% (2024: 39%). Total accumulated allowances for impairment losses </span><span style=\"display:inherit;clear:left;\">on on-trade loans were DKK 414m (2024: DKK 436m), and the share of receivables from sales of goods and services past due was </span><span style=\"display:inherit;clear:left;\">15% (2024 at 14%). </span><span style=\"display:inherit;clear:left;\">The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade channel, especially in Western </span><span style=\"display:inherit;clear:left;\">Europe, continues to experience challenges as a result of weak consumer sentiment. This means the credit risk for on-trade loans has </span><span style=\"display:inherit;clear:left;\">increased on a collective basis since initial recognition, which is why loss allowances are measured at an amount equal to the lifetime </span><span style=\"display:inherit;clear:left;\">expected credit losses. This is the same as for receivables from sales of goods and services.</span><span style=\"display:inherit;clear:left;\">Development in impairment losses on receivables</span><span style=\"display:inherit;clear:left;position:relative;height:193.609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.219px; top: 0.0097656px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 285.359px; top: 19.2441px; width: 83.7715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 298.422px; top: 32.7441px; width: 70.6699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">sales of goods </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 526.156px; top: 32.7441px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 46.2441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 46.2441px; width: 152.678px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">and services\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.4395px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">On-trade loans\u00b2</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 497.125px; top: 46.2441px; width: 242.936px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">receivables\u00b2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 63.2363px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 233.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-436</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,102</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,106</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 80.1113px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additional impairment losses recognised</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 167.994px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 96.9863px; width: 739.729px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Realised during the year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 242.683px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">62</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 113.861px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 219.111px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">95</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 130.736px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 252.31px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-33</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 147.611px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 275.022px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 164.486px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 181.244px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-414</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,065</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,102</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Lifetime expected credit loss.</span><span style=\"display:inherit;clear:left;\">\u00b2 12-month expected credit loss, except for an insignificant share that is a lifetime expected credit<span class=\"_ _7\"></span> loss.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">On-<span class=\"_ _7\"></span>trade<span class=\"_ _7\"></span> loa<span class=\"_ _7\"></span>n agr<span class=\"_ _7\"></span>eeme<span class=\"_ _7\"></span>nts <span class=\"_ _7\"></span>are c<span class=\"_ _7\"></span>ompl<span class=\"_ _7\"></span>ex, <span class=\"_ _7\"></span>cover<span class=\"_ _7\"></span> sev<span class=\"_ _7\"></span>eral <span class=\"_ _7\"></span>aspe<span class=\"_ _7\"></span>cts o<span class=\"_ _7\"></span>f th<span class=\"_ _7\"></span>e cu<span class=\"_ _7\"></span>stome<span class=\"_ _7\"></span>r re<span class=\"_ _7\"></span>lati<span class=\"_ _7\"></span>onshi<span class=\"_ _7\"></span>p an<span class=\"_ _7\"></span>d may<span class=\"_ _7\"></span> var<span class=\"_ _7\"></span>y fro<span class=\"_ _7\"></span>m ag<span class=\"_ _7\"></span>reem<span class=\"_ _7\"></span>ent t<span class=\"_ _7\"></span>o </span><span style=\"display:inherit;clear:left;\">agr<span class=\"_ _7\"></span>eemen<span class=\"_ _7\"></span>t. M<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> ass<span class=\"_ _7\"></span>esses<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> rec<span class=\"_ _7\"></span>ognit<span class=\"_ _7\"></span>ion <span class=\"_ _7\"></span>and c<span class=\"_ _7\"></span>lass<span class=\"_ _7\"></span>ifica<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>ncom<span class=\"_ _7\"></span>e and<span class=\"_ _7\"></span> exp<span class=\"_ _7\"></span>ense<span class=\"_ _7\"></span>s for<span class=\"_ _7\"></span> eac<span class=\"_ _7\"></span>h agr<span class=\"_ _7\"></span>eeme<span class=\"_ _7\"></span>nt, <span class=\"_ _7\"></span>inclu<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _7\"></span>ocati<span class=\"_ _7\"></span>on o<span class=\"_ _7\"></span>f pay<span class=\"_ _7\"></span>ment<span class=\"_ _7\"></span>s fr<span class=\"_ _7\"></span>om th<span class=\"_ _7\"></span>e cu<span class=\"_ _7\"></span>stome<span class=\"_ _7\"></span>r be<span class=\"_ _7\"></span>twee<span class=\"_ _7\"></span>n re<span class=\"_ _7\"></span>venue<span class=\"_ _7\"></span>, di<span class=\"_ _7\"></span>scoun<span class=\"_ _7\"></span>ts, <span class=\"_ _7\"></span>inte<span class=\"_ _7\"></span>rest <span class=\"_ _7\"></span>(oth<span class=\"_ _7\"></span>er o<span class=\"_ _7\"></span>perat<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>activ<span class=\"_ _7\"></span>itie<span class=\"_ _7\"></span>s) an<span class=\"_ _7\"></span>d re<span class=\"_ _7\"></span>paym<span class=\"_ _7\"></span>ent o<span class=\"_ _7\"></span>f th<span class=\"_ _7\"></span>e lo<span class=\"_ _7\"></span>an.<span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Management also assesses both individually and on a portfolio basis whether developments in local conditions for on-trade </span><span style=\"display:inherit;clear:left;\">customers could impact the expected credit losses. Exposure to credit risk on receivables and loans is managed locally, and credit </span><span style=\"display:inherit;clear:left;\">limits are set as considered appropriate for the customer, taking into account the current local market conditions. When assessing </span><span style=\"display:inherit;clear:left;\">the risk locally, entities assess the credit risk and adhere to Group guidelines, which include setting credit limits, encouraging cash </span><span style=\"display:inherit;clear:left;\">payment, purchasing credit insurance and holding collateral.</span><span style=\"display:inherit;clear:left;\">In assessing credit risk, management analyses the need for impairment of trade receivables and on-trade loans due to customers\u2019 </span><span style=\"display:inherit;clear:left;\">inability to pay. </span><span style=\"display:inherit;clear:left;\">Expec<span class=\"_ _7\"></span>ted cred<span class=\"_ _7\"></span>it losses<span class=\"_ _7\"></span> are ass<span class=\"_ _7\"></span>essed fo<span class=\"_ _7\"></span>r portfo<span class=\"_ _7\"></span>lios of r<span class=\"_ _7\"></span>eceivabl<span class=\"_ _7\"></span>es based<span class=\"_ _7\"></span> on cust<span class=\"_ _7\"></span>omer seg<span class=\"_ _7\"></span>ments, h<span class=\"_ _7\"></span>istorical<span class=\"_ _7\"></span> informa<span class=\"_ _7\"></span>tion on <span class=\"_ _7\"></span>payment </span><span style=\"display:inherit;clear:left;\">patte<span class=\"_ _7\"></span>rns, ter<span class=\"_ _7\"></span>ms of pay<span class=\"_ _7\"></span>ment and<span class=\"_ _7\"></span> concen<span class=\"_ _7\"></span>tration m<span class=\"_ _7\"></span>aturity<span class=\"_ _7\"></span>. The exp<span class=\"_ _7\"></span>ected im<span class=\"_ _7\"></span>pact inc<span class=\"_ _7\"></span>ludes th<span class=\"_ _7\"></span>e risk o<span class=\"_ _7\"></span>f insolve<span class=\"_ _7\"></span>ncies du<span class=\"_ _7\"></span>e to lac<span class=\"_ _7\"></span>k of liq<span class=\"_ _7\"></span>uidity<span class=\"_ _0\"></span>. </span><span style=\"display:inherit;clear:left;\">The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher </span><span style=\"display:inherit;clear:left;\">risk than receivables from sales of goods and services and are concentrated in a few markets. The credit risk on on-trade loans can </span><span style=\"display:inherit;clear:left;\">be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s etc.). </span><span style=\"display:inherit;clear:left;\">The fair value of the pledged on-trade movables cannot be estimated reliably but is assessed to be insignificant, as they cannot </span><span style=\"display:inherit;clear:left;\">readily be reused.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Receivables are recognised initially at the transaction price and subsequently measured at amortised cost less loss allowance or </span><span style=\"display:inherit;clear:left;\">impairment losses. Trade receivables comprise sales of goods and services as well as short-term on-trade loans to customers. Other </span><span style=\"display:inherit;clear:left;\">receivables comprise VAT receivables, loans to partners and associates, interest receivables and other financial receivables. </span><span style=\"display:inherit;clear:left;\">For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount </span><span style=\"display:inherit;clear:left;\">to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement. </span><span style=\"display:inherit;clear:left;\">The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan </span><span style=\"display:inherit;clear:left;\">with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The </span><span style=\"display:inherit;clear:left;\">amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue. </span><span style=\"display:inherit;clear:left;\">The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss </span><span style=\"display:inherit;clear:left;\">allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing </span><span style=\"display:inherit;clear:left;\">the same credit risk characteristics and past-due days.</span><span style=\"display:inherit;clear:left;\">Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">losses, depending on whether a significant increase in credit risk has arisen since initial recognition.</span></span> </span><span style=\"display:inherit;clear:left;\">In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from </span><span style=\"display:inherit;clear:left;\">sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for </span><span style=\"display:inherit;clear:left;\">derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing </span><span style=\"display:inherit;clear:left;\">involvement once the receivables have been derecognised.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__57-1": {
   "value": "<span style=\"display:inherit;clear:left;\">1.5.3 Credit risk</span><span style=\"display:inherit;clear:left;\">Credit risk on receivables</span><span style=\"display:inherit;clear:left;position:relative;height:399.375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.828px; top: 5.63477px; width: 45.3223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Weighted</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.016px; top: 19.1348px; width: 37.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">average</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 321.016px; top: 32.6348px; width: 306.428px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Loss allowance</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Receivables, net</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.344px; top: 32.6348px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">loss rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.5098px; width: 211.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.502px; width: 741.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 316.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,842</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,658</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.377px; width: 741.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-41</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">542</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.252px; width: 741.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">223</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">173</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">22% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.127px; width: 741.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">84% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 133.885px; width: 627.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,074</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,443</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.635px; width: 70.7754px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 184.627px; width: 741.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 325.412px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">728</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-77</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">651</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">11% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.502px; width: 741.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">15% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.377px; width: 741.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">8% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.252px; width: 741.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-333</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">71% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 252.01px; width: 627.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,233</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-414</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">819</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 285.76px; width: 82.0078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 302.752px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 316.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,998</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 319.627px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 304.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 336.502px; width: 741.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">98</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 353.377px; width: 741.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.357px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">201</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">8% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 370.135px; width: 627.211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,317</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,297</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 387.01px; width: 626.801px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.584px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,065</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,559</span></span></span><span style=\"display:inherit;clear:left;\">Credit risk on receivables</span><span style=\"display:inherit;clear:left;position:relative;height:399.375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.906px; top: 5.63477px; width: 45.3223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Weighted</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.094px; top: 19.1348px; width: 37.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">average</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 320.625px; top: 32.6348px; width: 306.428px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Loss allowance</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Receivables, net</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.219px; top: 32.6348px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">loss rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.5098px; width: 211.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.502px; width: 741.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 318.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,577</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-212</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,365</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.377px; width: 741.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">249</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">203</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.252px; width: 741.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.865px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">167</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-53</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">32% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.127px; width: 741.703px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.344px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">343</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-333</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">97% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 133.885px; width: 626.971px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from sales of goods and services</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 164.285px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,692</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.635px; width: 70.7754px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 184.627px; width: 741.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.084px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">791</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-94</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">697</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">12% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.502px; width: 741.504px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.535px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.377px; width: 741.879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">11% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.252px; width: 741.855px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">471</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-338</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">133</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">72% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 252.01px; width: 626.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,301</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-436</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">865</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 285.76px; width: 82.0078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 302.752px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not past due</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 319.627px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 1-30 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 305.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 336.502px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue 31-90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.344px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 353.377px; width: 742.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Overdue &gt; 90 days</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">88</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">15% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 370.135px; width: 627.34px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,477</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,455</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 387.01px; width: 627.064px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 355.4px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,102</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,012</span></span></span><span style=\"display:inherit;clear:left;\">In 2025, receivables not past due amounted to 84% (2024: 84%) of total gross receivables.</span><span style=\"display:inherit;clear:left;\">The past-due share of gross loans to on-trade customers was 41% (2024: 39%). Total accumulated allowances for impairment losses </span><span style=\"display:inherit;clear:left;\">on on-trade loans were DKK 414m (2024: DKK 436m), and the share of receivables from sales of goods and services past due was </span><span style=\"display:inherit;clear:left;\">15% (2024 at 14%). </span><span style=\"display:inherit;clear:left;\">The credit risk on trade receivables is assessed locally and monitored at Group level. The on-trade channel, especially in Western </span><span style=\"display:inherit;clear:left;\">Europe, continues to experience challenges as a result of weak consumer sentiment. This means the credit risk for on-trade loans has </span><span style=\"display:inherit;clear:left;\">increased on a collective basis since initial recognition, which is why loss allowances are measured at an amount equal to the lifetime </span><span style=\"display:inherit;clear:left;\">expected credit losses. This is the same as for receivables from sales of goods and services.</span><span style=\"display:inherit;clear:left;\">Development in impairment losses on receivables</span><span style=\"display:inherit;clear:left;position:relative;height:193.609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.219px; top: 0.0097656px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 285.359px; top: 19.2441px; width: 83.7715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables from </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 298.422px; top: 32.7441px; width: 70.6699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">sales of goods </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 526.156px; top: 32.7441px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 46.2441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 46.2441px; width: 152.678px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">and services\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 18.4395px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">On-trade loans\u00b2</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 497.125px; top: 46.2441px; width: 242.936px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">receivables\u00b2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 63.2363px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 233.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-436</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,102</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,106</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 80.1113px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additional impairment losses recognised</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 167.994px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 96.9863px; width: 739.729px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Realised during the year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 242.683px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">62</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 113.861px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 219.111px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">95</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 130.736px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 252.31px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-33</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 147.611px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 275.022px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 164.486px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 181.244px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-414</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,065</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,102</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Lifetime expected credit loss.</span><span style=\"display:inherit;clear:left;\">\u00b2 12-month expected credit loss, except for an insignificant share that is a lifetime expected credit<span class=\"_ _7\"></span> loss.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">On-<span class=\"_ _7\"></span>trade<span class=\"_ _7\"></span> loa<span class=\"_ _7\"></span>n agr<span class=\"_ _7\"></span>eeme<span class=\"_ _7\"></span>nts <span class=\"_ _7\"></span>are c<span class=\"_ _7\"></span>ompl<span class=\"_ _7\"></span>ex, <span class=\"_ _7\"></span>cover<span class=\"_ _7\"></span> sev<span class=\"_ _7\"></span>eral <span class=\"_ _7\"></span>aspe<span class=\"_ _7\"></span>cts o<span class=\"_ _7\"></span>f th<span class=\"_ _7\"></span>e cu<span class=\"_ _7\"></span>stome<span class=\"_ _7\"></span>r re<span class=\"_ _7\"></span>lati<span class=\"_ _7\"></span>onshi<span class=\"_ _7\"></span>p an<span class=\"_ _7\"></span>d may<span class=\"_ _7\"></span> var<span class=\"_ _7\"></span>y fro<span class=\"_ _7\"></span>m ag<span class=\"_ _7\"></span>reem<span class=\"_ _7\"></span>ent t<span class=\"_ _7\"></span>o </span><span style=\"display:inherit;clear:left;\">agr<span class=\"_ _7\"></span>eemen<span class=\"_ _7\"></span>t. M<span class=\"_ _7\"></span>anag<span class=\"_ _7\"></span>ement<span class=\"_ _7\"></span> ass<span class=\"_ _7\"></span>esses<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> rec<span class=\"_ _7\"></span>ognit<span class=\"_ _7\"></span>ion <span class=\"_ _7\"></span>and c<span class=\"_ _7\"></span>lass<span class=\"_ _7\"></span>ifica<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> of i<span class=\"_ _7\"></span>ncom<span class=\"_ _7\"></span>e and<span class=\"_ _7\"></span> exp<span class=\"_ _7\"></span>ense<span class=\"_ _7\"></span>s for<span class=\"_ _7\"></span> eac<span class=\"_ _7\"></span>h agr<span class=\"_ _7\"></span>eeme<span class=\"_ _7\"></span>nt, <span class=\"_ _7\"></span>inclu<span class=\"_ _7\"></span>ding<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _7\"></span>ocati<span class=\"_ _7\"></span>on o<span class=\"_ _7\"></span>f pay<span class=\"_ _7\"></span>ment<span class=\"_ _7\"></span>s fr<span class=\"_ _7\"></span>om th<span class=\"_ _7\"></span>e cu<span class=\"_ _7\"></span>stome<span class=\"_ _7\"></span>r be<span class=\"_ _7\"></span>twee<span class=\"_ _7\"></span>n re<span class=\"_ _7\"></span>venue<span class=\"_ _7\"></span>, di<span class=\"_ _7\"></span>scoun<span class=\"_ _7\"></span>ts, <span class=\"_ _7\"></span>inte<span class=\"_ _7\"></span>rest <span class=\"_ _7\"></span>(oth<span class=\"_ _7\"></span>er o<span class=\"_ _7\"></span>perat<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>activ<span class=\"_ _7\"></span>itie<span class=\"_ _7\"></span>s) an<span class=\"_ _7\"></span>d re<span class=\"_ _7\"></span>paym<span class=\"_ _7\"></span>ent o<span class=\"_ _7\"></span>f th<span class=\"_ _7\"></span>e lo<span class=\"_ _7\"></span>an.<span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Management also assesses both individually and on a portfolio basis whether developments in local conditions for on-trade </span><span style=\"display:inherit;clear:left;\">customers could impact the expected credit losses. Exposure to credit risk on receivables and loans is managed locally, and credit </span><span style=\"display:inherit;clear:left;\">limits are set as considered appropriate for the customer, taking into account the current local market conditions. When assessing </span><span style=\"display:inherit;clear:left;\">the risk locally, entities assess the credit risk and adhere to Group guidelines, which include setting credit limits, encouraging cash </span><span style=\"display:inherit;clear:left;\">payment, purchasing credit insurance and holding collateral.</span><span style=\"display:inherit;clear:left;\">In assessing credit risk, management analyses the need for impairment of trade receivables and on-trade loans due to customers\u2019 </span><span style=\"display:inherit;clear:left;\">inability to pay. </span><span style=\"display:inherit;clear:left;\">Expec<span class=\"_ _7\"></span>ted cred<span class=\"_ _7\"></span>it losses<span class=\"_ _7\"></span> are ass<span class=\"_ _7\"></span>essed fo<span class=\"_ _7\"></span>r portfo<span class=\"_ _7\"></span>lios of r<span class=\"_ _7\"></span>eceivabl<span class=\"_ _7\"></span>es based<span class=\"_ _7\"></span> on cust<span class=\"_ _7\"></span>omer seg<span class=\"_ _7\"></span>ments, h<span class=\"_ _7\"></span>istorical<span class=\"_ _7\"></span> informa<span class=\"_ _7\"></span>tion on <span class=\"_ _7\"></span>payment </span><span style=\"display:inherit;clear:left;\">patte<span class=\"_ _7\"></span>rns, ter<span class=\"_ _7\"></span>ms of pay<span class=\"_ _7\"></span>ment and<span class=\"_ _7\"></span> concen<span class=\"_ _7\"></span>tration m<span class=\"_ _7\"></span>aturity<span class=\"_ _7\"></span>. The exp<span class=\"_ _7\"></span>ected im<span class=\"_ _7\"></span>pact inc<span class=\"_ _7\"></span>ludes th<span class=\"_ _7\"></span>e risk o<span class=\"_ _7\"></span>f insolve<span class=\"_ _7\"></span>ncies du<span class=\"_ _7\"></span>e to lac<span class=\"_ _7\"></span>k of liq<span class=\"_ _7\"></span>uidity<span class=\"_ _0\"></span>. </span><span style=\"display:inherit;clear:left;\">The portfolios are based on on-trade and off-trade customers, and on-trade receivables and loans. On-trade loans carry a higher </span><span style=\"display:inherit;clear:left;\">risk than receivables from sales of goods and services and are concentrated in a few markets. The credit risk on on-trade loans can </span><span style=\"display:inherit;clear:left;\">be reduced by means of collateral and pledges of on-trade movables (equipment in bars, caf\u00e9s etc.). </span><span style=\"display:inherit;clear:left;\">The fair value of the pledged on-trade movables cannot be estimated reliably but is assessed to be insignificant, as they cannot </span><span style=\"display:inherit;clear:left;\">readily be reused.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Receivables are recognised initially at the transaction price and subsequently measured at amortised cost less loss allowance or </span><span style=\"display:inherit;clear:left;\">impairment losses. Trade receivables comprise sales of goods and services as well as short-term on-trade loans to customers. Other </span><span style=\"display:inherit;clear:left;\">receivables comprise VAT receivables, loans to partners and associates, interest receivables and other financial receivables. </span><span style=\"display:inherit;clear:left;\">For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount </span><span style=\"display:inherit;clear:left;\">to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement. </span><span style=\"display:inherit;clear:left;\">The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan </span><span style=\"display:inherit;clear:left;\">with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The </span><span style=\"display:inherit;clear:left;\">amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue. </span><span style=\"display:inherit;clear:left;\">The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss </span><span style=\"display:inherit;clear:left;\">allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing </span><span style=\"display:inherit;clear:left;\">the same credit risk characteristics and past-due days.</span><span style=\"display:inherit;clear:left;\">Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">losses, depending on whether a significant increase in credit risk has arisen since initial recognition.</span></span> </span><span style=\"display:inherit;clear:left;\">In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from </span><span style=\"display:inherit;clear:left;\">sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for </span><span style=\"display:inherit;clear:left;\">derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing </span><span style=\"display:inherit;clear:left;\">involvement once the receivables have been derecognised.</span><span style=\"display:inherit;clear:left;\">4.7.2 Cash and cash equivalents </span><span style=\"display:inherit;clear:left;\">Cash and cash equivalents include bank deposits and short-term marketable securities with an original term of less than three </span><span style=\"display:inherit;clear:left;\">months or deposits with a maturity of more than three months with contractual rights to terminate without significant costs, which </span><span style=\"display:inherit;clear:left;\">are subject to an insignificant risk of changes in fair value and form part of the short-term cash planning. Total cash and cash </span><span style=\"display:inherit;clear:left;\">equivalents amounted to DKK 9,585m in 2025 (2024: DKK 11,601m), of which DKK 4,547m<span class=\"_ _7\"></span> was deposits at 31 December 2025 (2024: </span><span style=\"display:inherit;clear:left;\">DKK 5,799m). The average interest rate on deposits was 4.1% (2024: 4.8%). </span><span style=\"display:inherit;clear:left;\">Cash and deposits</span><span style=\"display:inherit;clear:left;position:relative;height:140.625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 665.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 155.467px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 512.234px; top: 16.8848px; width: 50.2559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivative </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.8848px; width: 50.2559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivative </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 520.109px; top: 30.3848px; width: 42.7266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.219px; top: 30.3848px; width: 42.7266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 385.781px; top: 43.8848px; width: 84.9609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and deposits</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 43.8848px; width: 144.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cash and deposits</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 684.812px; top: 43.8848px; width: 54.9199px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">instruments</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 60.877px; width: 739.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">AA range</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.993px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,730</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">90</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,022</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 77.752px; width: 739.852px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">A range</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 408.206px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,466</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">465</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,126</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">285</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 94.627px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">BBB range</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">398</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">650</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 111.502px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not rated or below BBB range</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.873px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">991</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">803</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 128.26px; width: 739.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 417.169px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,585</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">566</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,601</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">334</span></span></span><span style=\"display:inherit;clear:left;\">Assessment of credit risk</span><span style=\"display:inherit;clear:left;\">The Group is exposed to credit risk on cash and cash equivalents (including deposits) and derivative financial instruments with a </span><span style=\"display:inherit;clear:left;\">positive fair value, depending on the creditworthiness of the counterparty.</span><span style=\"display:inherit;clear:left;\">The Group has established a credit policy under which financial transactions may be entered into only with financial institutions with </span><span style=\"display:inherit;clear:left;\">a solid credit rating, defined as BBB. Carlsberg only enters into interest, foreign exchange and aluminium derivatives with relationship </span><span style=\"display:inherit;clear:left;\">banks, and the associated credit risk is mitigated to some extent by entering into ISDA agreements, partly because it is the same </span><span style=\"display:inherit;clear:left;\">group of banks extending credit to the Group. The fair values of the derivatives reported above are the gross fair value receivables </span><span style=\"display:inherit;clear:left;\">without taking account of the potential offset against fair value payables with the same bank.</span><span style=\"display:inherit;clear:left;\">Carl<span class=\"_ _7\"></span>sberg<span class=\"_ _7\"></span> oper<span class=\"_ _7\"></span>ates <span class=\"_ _7\"></span>with<span class=\"_ _7\"></span> indi<span class=\"_ _7\"></span>vidual<span class=\"_ _7\"></span> limi<span class=\"_ _7\"></span>ts on<span class=\"_ _7\"></span> bank<span class=\"_ _7\"></span>s, b<span class=\"_ _7\"></span>ased o<span class=\"_ _7\"></span>n rat<span class=\"_ _7\"></span>ing a<span class=\"_ _7\"></span>nd ot<span class=\"_ _7\"></span>her <span class=\"_ _7\"></span>facto<span class=\"_ _7\"></span>rs. F<span class=\"_ _7\"></span>or so<span class=\"_ _7\"></span>me of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>marke<span class=\"_ _7\"></span>ts in<span class=\"_ _7\"></span> whic<span class=\"_ _7\"></span>h th<span class=\"_ _7\"></span>e Grou<span class=\"_ _7\"></span>p </span><span style=\"display:inherit;clear:left;\">oper<span class=\"_ _7\"></span>ates <span class=\"_ _7\"></span>and h<span class=\"_ _7\"></span>olds <span class=\"_ _7\"></span>cash,<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> fina<span class=\"_ _7\"></span>ncial<span class=\"_ _7\"></span> inst<span class=\"_ _7\"></span>ituti<span class=\"_ _7\"></span>ons d<span class=\"_ _7\"></span>o not<span class=\"_ _7\"></span> have<span class=\"_ _7\"></span> a BB<span class=\"_ _7\"></span>B rat<span class=\"_ _7\"></span>ing, <span class=\"_ _7\"></span>in wh<span class=\"_ _7\"></span>ich c<span class=\"_ _7\"></span>ase a<span class=\"_ _7\"></span>n exe<span class=\"_ _7\"></span>mpti<span class=\"_ _7\"></span>on is<span class=\"_ _7\"></span> appr<span class=\"_ _7\"></span>oved <span class=\"_ _7\"></span>by Gr<span class=\"_ _7\"></span>oup T<span class=\"_ _7\"></span>reasu<span class=\"_ _7\"></span>ry.</span><span style=\"display:inherit;clear:left;\">Exposure to credit risk </span><span style=\"display:inherit;clear:left;\">The carrying amount of DKK 9,585m (2024: DKK 11,601m) represents the maximum credit exposure related to cash and cash </span><span style=\"display:inherit;clear:left;\">equivalents and deposits. The credit risk on receivables is described in section 1.5.3.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__54": {
   "value": "<span style=\"display:inherit;clear:left;\">Receivables are recognised initially at the transaction price and subsequently measured at amortised cost less loss allowance or </span><span style=\"display:inherit;clear:left;\">impairment losses. Trade receivables comprise sales of goods and services as well as short-term on-trade loans to customers. Other </span><span style=\"display:inherit;clear:left;\">receivables comprise VAT receivables, loans to partners and associates, interest receivables and other financial receivables. </span><span style=\"display:inherit;clear:left;\">For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount </span><span style=\"display:inherit;clear:left;\">to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement. </span><span style=\"display:inherit;clear:left;\">The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan </span><span style=\"display:inherit;clear:left;\">with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The </span><span style=\"display:inherit;clear:left;\">amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue. </span><span style=\"display:inherit;clear:left;\">The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss </span><span style=\"display:inherit;clear:left;\">allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing </span><span style=\"display:inherit;clear:left;\">the same credit risk characteristics and past-due days.</span><span style=\"display:inherit;clear:left;\">Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">losses, depending on whether a significant increase in credit risk has arisen since initial recognition.</span></span> </span><span style=\"display:inherit;clear:left;\">In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from </span><span style=\"display:inherit;clear:left;\">sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for </span><span style=\"display:inherit;clear:left;\">derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing </span><span style=\"display:inherit;clear:left;\">involvement once the receivables have been derecognised.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__56": {
   "value": "<span style=\"display:inherit;clear:left;\">For on-trade loans, any difference between the present value and the nominal amount at inception is treated as a prepaid discount </span><span style=\"display:inherit;clear:left;\">to the customer, and the discount is recognised in the income statement in accordance with the terms of the agreement. </span><span style=\"display:inherit;clear:left;\">The market interest rate is used as the discount rate, corresponding to the money market rate based on the maturity of the loan </span><span style=\"display:inherit;clear:left;\">with the addition of a risk premium. The effective interest on these loans is recognised in other operating activities, net. The </span><span style=\"display:inherit;clear:left;\">amortisation of the difference between the discount rate and the effective interest rate is included as a discount in revenue. </span><span style=\"display:inherit;clear:left;\">The Group applies the simplified approach to measure expected credit losses. This entails recognising a lifetime expected loss </span><span style=\"display:inherit;clear:left;\">allowance for all receivables from sales of goods and services. Loss rates are determined based on grouping of receivables sharing </span><span style=\"display:inherit;clear:left;\">the same credit risk characteristics and past-due days.</span><span style=\"display:inherit;clear:left;\">Regarding on-trade loans and loans to associates, a loss allowance is recognised based on 12-month or lifetime expected credit </span><span style=\"display:inherit;clear:left;\">losses, depending on whether a significant increase in credit risk has arisen since initial recognition.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__59": {
   "value": "<span style=\"display:inherit;clear:left;\">In certain markets, the Group enters into factoring agreements on a non-recourse basis, which involves selling receivables from </span><span style=\"display:inherit;clear:left;\">sales of goods and services to a factor. Receivables subject to factoring agreements are derecognised once the criteria for </span><span style=\"display:inherit;clear:left;\">derecognition have been met and all substantial risks and rewards transferred. The Group does not have any continuing </span><span style=\"display:inherit;clear:left;\">involvement once the receivables have been derecognised.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__71-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 2.1</span><span style=\"display:inherit;clear:left;\">Segmentation of assets and returns</span><span style=\"display:inherit;clear:left;position:relative;height:476.5390625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 1.13477px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.75px; top: 0.0097656px; width: 48.1875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.656px; top: 13.5098px; width: 38.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Eastern </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.828px; top: 13.5098px; width: 47.7598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 289.219px; top: 27.0098px; width: 42.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 411.703px; top: 27.0098px; width: 56.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 515.469px; top: 27.0098px; width: 17.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 550.375px; top: 27.0098px; width: 51.7266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Beverages,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 647.062px; top: 27.0098px; width: 23.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 708.516px; top: 27.0098px; width: 34.0664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Group, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 40.5098px; width: 101.309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 40.5098px; width: 22.7695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 487.219px; top: 40.5098px; width: 46.0898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">allocated\u00b9</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.938px; top: 40.5098px; width: 22.4414px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 628.141px; top: 40.5098px; width: 43.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">beverage</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 717.188px; top: 40.5098px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.2988px; width: 739.934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">71,005</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">103,163</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.0605px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">104,097</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.1738px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31,950</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,878</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,839</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,773</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.0488px; width: 739.898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.541px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,723</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">791</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">742</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,325</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 107.924px; width: 228.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 124.424px; width: 76.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 302.266px; top: 126.127px; width: 437.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,202</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">345</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,577</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,592</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 142.799px; width: 739.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.797px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,041</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,540</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">877</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,532</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 159.674px; width: 739.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 206.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">285</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">72</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">490</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">460</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.549px; width: 741.656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital (ROIC)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.699px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.4551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10.1% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 193.424px; width: 741.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ROIC excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.99px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">16.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">81.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.416px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">42.9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.4% </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 210.182px; width: 74.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MPM measures</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 227.174px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital (MPM), period-end</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">69,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,103</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">101,371</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">102,305</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 244.049px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill (MPM), period-end</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,065</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,699</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,737</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35,671</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.924px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital, ROIC (MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10.8%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 277.799px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital excl. goodwill (MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">81.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30.9%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 311.635px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 328.424px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.338px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,480</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,883</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65,341</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,059</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 345.299px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.018px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,126</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,556</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,013</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,083</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,801</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 362.174px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.701px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,813</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">893</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,810</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">736</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,546</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 379.049px; width: 228.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 395.549px; width: 76.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 304.375px; top: 397.252px; width: 435.17px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1,838</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,328</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,015</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,030</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 413.924px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.404px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,905</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5705px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4707px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">808</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 430.799px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 207.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">224</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">67</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 447.674px; width: 741.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital (ROIC)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.262px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">12.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18.3% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">14.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">13.8% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 464.549px; width: 741.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ROIC excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">28.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.9355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">105.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">37.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">36.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">35.5% </span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Not allocated comprises supporting companies without brewing activities, and eliminations of investment<span class=\"_ _7\"></span>s in subsidiaries, receivables and loans.</span><span style=\"display:inherit;clear:left;\">As a result of the completion of the purchase price allocation for Gorkha Brewery, Nepal, the statement of financial position for 2024 </span><span style=\"display:inherit;clear:left;\">was restated leading to a reduction of equity of DKK 64m and an increase in total assets of DKK 664m. </span><span style=\"display:inherit;clear:left;\">Geographical allocation of non-current assets</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Denmark (Carlsberg A/S\u2019 domicile)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 444.232px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,247</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,994</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 582.518px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37,220</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,127</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15,007</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,395</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 566.947px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,620</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,160</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other countries</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 525.649px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50,242</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47,099</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 565.699px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120,336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84,775</span></span></span><span style=\"display:inherit;clear:left;\">Non-current assets comprise intangible assets and property, plant and equipment owned by the segment/country, even if the income </span><span style=\"display:inherit;clear:left;\">is earned outside the segment/country that owns the asset. </span><span style=\"display:inherit;clear:left;\">Invested capital</span><span style=\"display:inherit;clear:left;position:relative;height:282.375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.002px; width: 739.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 537.96px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">153,955</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113,992</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.7598px; width: 20.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Less</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.752px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,056</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 67.627px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial receivables, hedging instruments and receivables sold</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">822</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 84.502px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits and securities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 518.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-59</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 101.377px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,585</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11,542</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 118.135px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Assets included</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.018px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">142,195</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">101,157</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 135.127px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-26,877</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-23,295</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 152.002px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits on returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 400.481px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,702</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,728</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 168.877px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions, excl. restructurings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,584</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,773</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 185.752px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other liabilities, excl. hedging instruments and deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6,935</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7,302</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 202.51px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Liabilities offset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-38,098</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35,098</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 219.385px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 516.064px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">104,097</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,059</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 236.377px; width: 739.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 552.78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42,258</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 253.135px; width: 739.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 454.886px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,773</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,801</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 270.01px; width: 739.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital, average\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 471.596px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105,729</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65,910</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 The Britvic Group was acquired in January 2025 and had a full-year impact on average invested capital in the year of acquisition. Gorkha Brew<span class=\"_ _7\"></span>ery was acquired in November 2024, and </span><span style=\"display:inherit;clear:left;\">did not have a full-year impact on average invested capital in the year of acquisition.</span><span style=\"display:inherit;clear:left;\">Non-current assets included in invested capital further comprise financial assets other than financial instruments and deferred tax </span><span style=\"display:inherit;clear:left;\">assets. At year-end, invested capital increased by DKK 38bn due to the acquisition of Britvic. </span><span style=\"display:inherit;clear:left;\">ROIC was 10.1%, mainly impacted by the Britvic acquisition. As shown in the figure below, ROIC declined by <span class=\"_ _7\"></span>370bp compared with </span><span style=\"display:inherit;clear:left;\">last year.</span><span style=\"display:inherit;clear:left;\">ROIC (%)</span><span style=\"display:inherit;clear:left;\">1.1</span><span style=\"display:inherit;clear:left;\">0.4</span><span style=\"display:inherit;clear:left;\">13.8</span><span style=\"display:inherit;clear:left;\">-0.6</span><span style=\"display:inherit;clear:left;\">0.0</span><span style=\"display:inherit;clear:left;\">10.1</span><span style=\"display:inherit;clear:left;\">-4.2</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _250\"> </span>EBIT after tax<span class=\"_ _216\"> </span>Assets<span class=\"_ _f2\"> </span>Liabilities<span class=\"_ _1ef\"> </span>FX<span class=\"_ _58\"> </span>Britvic<span class=\"_ _201\"> </span>2025</span><span style=\"display:inherit;clear:left;\">Section 2.2  </span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment</span><span style=\"display:inherit;clear:left;position:relative;height:495.9765625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1519.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 395.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 666.578px; top: 34.9941px; width: 67.8633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contract- and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 651px; top: 48.4941px; width: 83.8477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">customer-related </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 619.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 440.719px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.094px; top: 61.9941px; width: 29.2969px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 79.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 95.752px; width: 140.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 95.8613px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 821.109px; top: 95.752px; width: 697.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 98.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 477.969px; top: 112.627px; width: 141.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">19,458</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,436</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 706.875px; top: 112.736px; width: 25.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">9,330</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 112.627px; width: 689.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">170</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,394</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,268</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,925</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">465</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,658</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,052</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 177.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 129.502px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 129.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 129.502px; width: 691.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,076</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,276</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,261</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,613</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,270</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 146.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 146.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 831.422px; top: 146.377px; width: 688.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-111</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-216</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-274</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,576</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,066</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,179</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 163.252px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 163.361px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 163.252px; width: 679.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">418</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">338</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 180.127px; width: 1016.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 197.002px; width: 1036.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-488</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,434</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-539</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,022</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,570</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.869px; width: 95.9941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 213.76px; width: 1040px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">61,561</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,080</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,031</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92,420</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,149</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,399</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,271</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74,819</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">167,239</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 247.619px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.611px; width: 286.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 264.502px; width: 137.203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 264.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 820.094px; top: 264.502px; width: 699.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 281.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 281.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 281.377px; width: 693.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-284</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,775</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,884</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 138.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 298.252px; width: 116.385px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 298.361px; width: 16.1836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">574</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 298.252px; width: 692.584px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">943</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">911</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,565</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 83.6895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 315.127px; width: 116.473px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 315.236px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 835.078px; top: 315.127px; width: 683.549px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">513</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 137.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 332.002px; width: 1016.54px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.82px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 348.877px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 348.986px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 348.877px; width: 678.973px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-68</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 365.752px; width: 1016.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 490.844px; top: 382.627px; width: 128.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 717.578px; top: 382.736px; width: 13.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 382.627px; width: 690.357px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-382</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-498</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-349</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-975</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,357</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.494px; width: 307.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 399.385px; width: 1037.32px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,435</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,953</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,189</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,696</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,039</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51,228</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 153.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 474.594px; top: 416.26px; width: 1044.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,795</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">83,231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,956</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,249</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,780</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">116,011</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 450.119px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 467.111px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">279</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 351.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,811</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">827</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:512.8515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1518.88px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 640.091px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 338.613px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 731.701px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 553.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 1519.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 511.237px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,982</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,852</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57,455</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18,453</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,571</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60,668</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">118,123</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 498.517px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,954</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,104</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,218</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 1519.18px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 437.49px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">364</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,843</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,207</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 1518.97px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 415.095px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-205</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-219</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-49</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-180</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 1519.17px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,376</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,697</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,803</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 1519.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-788</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">121</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 1519.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 470.471px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,680</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,792</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">405</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">596</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,908</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,700</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 442.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">124</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">733</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">201</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">366</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,099</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.744px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.494px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,306</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,769</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,482</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,595</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,186</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36,263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,618</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 1519.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 571.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-123</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-169</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,267</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,559</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">190</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">800</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,339</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,998</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 1519.06px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 531.862px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">261</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 1519.36px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 490.721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">459</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">352</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.611px; width: 1519.24px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">295</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 1519.05px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 285.158px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 433.244px; width: 1519.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.971px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,258</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,695</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,223</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">53,176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,846</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,054</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,053</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">80,229</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 466.994px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.19px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">273</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">294</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 500.861px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 463.909px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,275</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">661</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span></span></span><span style=\"display:inherit;clear:left;\">Property, plant and equipment under construction amounted to DKK 2,614m<span class=\"_ _7\"></span> (2024: DKK 1,826m). Property, plant and equipment </span><span style=\"display:inherit;clear:left;\">under construction are recognised in plant and machinery until completion. O<span class=\"_ _7\"></span>ther equipment, fixtures and fittings include transport, </span><span style=\"display:inherit;clear:left;\">office and draught beer equipment, fridges and returnable packaging materials.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Other intangible assets include software, land use rights and beer delivery rights.</span></span> </span><span style=\"display:inherit;clear:left;\">Capital expenditure</span><span style=\"display:inherit;clear:left;position:relative;height:132.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.92px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,270</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,207</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Less right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,175</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-968</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 554.872px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,095</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,239</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions payable at the end of the reporting period</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.984px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-492</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-196</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 484.793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-12</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 288.703px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,592</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,030</span></span></span><span style=\"display:inherit;clear:left;\">Amortisation, depreciation and impairment losses</span><span style=\"display:inherit;clear:left;position:relative;height:120.484375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 365.734px; top: 0.0097656px; width: 336.316px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.615px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,831</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,521</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Administrative expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 275.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">73</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">328</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 329.42px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">98</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">421</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">93</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.119px; width: 739.664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 358.037px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">940</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,006</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,233</span></span></span><span style=\"display:inherit;clear:left;\">Gain/loss on disposal of assets</span><span style=\"display:inherit;clear:left;position:relative;height:65.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gain on disposal of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 280.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Loss on disposal of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 281.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-36</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-56</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 589.507px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span></span></span><span style=\"display:inherit;clear:left;\">Cash flow from disposal of property, plant and equipment and intangible assets was DKK<span class=\"_ _7\"></span> 106m (2024: DKK 85m).</span><span style=\"display:inherit;clear:left;\">Right-of-use assets </span><span style=\"display:inherit;clear:left;\">The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual </span><span style=\"display:inherit;clear:left;\">basis and contain a wide range of different terms and conditions.</span><span style=\"display:inherit;clear:left;\">At 31 December 2025, the carrying amount of right-of-use assets was DKK 2,712m<span class=\"_ _7\"></span> (2024: DKK 2,048m). During the year, additions </span><span style=\"display:inherit;clear:left;\">amounted to DKK 1,175m, of which DKK 665m is related to Britvic (2024: DKK 968m), and depreciation amounted to D<span class=\"_ _7\"></span>KK 626m </span><span style=\"display:inherit;clear:left;\">(2024: DKK 593m).</span><span style=\"display:inherit;clear:left;\">Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK </span><span style=\"display:inherit;clear:left;\">63m (2024: DKK 54m). Such contracts usually comprise the lease of copy and printing machines, coffee machines, small IT devices </span><span style=\"display:inherit;clear:left;\">and similar equipment.</span><span style=\"display:inherit;clear:left;\">For disclosures of interest expenses, cash flow and lease liabilities, please refer to sections<span class=\"_ _7\"></span> 4.4 and 4.7.1.</span><span style=\"display:inherit;clear:left;\">Capital commitments </span><span style=\"display:inherit;clear:left;\">The Group<span class=\"_ _7\"></span> has entered <span class=\"_ _7\"></span>into various c<span class=\"_ _7\"></span>apital commitm<span class=\"_ _7\"></span>ents that wil<span class=\"_ _7\"></span>l not take eff<span class=\"_ _7\"></span>ect until aft<span class=\"_ _7\"></span>er the report<span class=\"_ _7\"></span>ing date and h<span class=\"_ _7\"></span>ave therefore<span class=\"_ _7\"></span> not </span><span style=\"display:inherit;clear:left;\">been reco<span class=\"_ _7\"></span>gnised in the <span class=\"_ _7\"></span>consolidated fi<span class=\"_ _7\"></span>nancial state<span class=\"_ _7\"></span>ments. Capital<span class=\"_ _7\"></span> commitments <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>2025 amount<span class=\"_ _7\"></span>ed to DKK 21<span class=\"_ _7\"></span>0m (2024: DK<span class=\"_ _7\"></span>K 173m).</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">Useful life and residual value of intangible assets with finite useful life and property, </span><span style=\"display:inherit;clear:left;\">plant and equipment </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are initially assessed in both acquisitions and business combinations. </span><span style=\"display:inherit;clear:left;\">Management assesses brands and property, plant and equipment for changes in useful life. If an indication of a reduction in the </span><span style=\"display:inherit;clear:left;\">value or useful life exists, such as changes in production structure, restructuring or brewery closures, the asset is tested for </span><span style=\"display:inherit;clear:left;\">impairment. If necessary, the asset is written down or the amortisation/depreciation period is reassessed and, if necessary, adjusted </span><span style=\"display:inherit;clear:left;\">in line with the asset\u2019s changed useful life. When changing the amortisation or depreciation period due to a change in the useful life, </span><span style=\"display:inherit;clear:left;\">the effect on amortisation/depreciation is recognised prospectively as a change in accounting estimates.</span><span style=\"display:inherit;clear:left;\">Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept </span><span style=\"display:inherit;clear:left;\">returns of packaging materials from the market and the level of control. </span><span style=\"display:inherit;clear:left;\">This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These </span><span style=\"display:inherit;clear:left;\">factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">equipment and depreciated over the expected useful life.</span></span> </span><span style=\"display:inherit;clear:left;\">Lease and service contracts </span><span style=\"display:inherit;clear:left;\">At inception of a contract, management assesses whether the contract is or contains a lease. Management considers the substance </span><span style=\"display:inherit;clear:left;\">of any service being rendered to classify the arrangement as either a lease or a service contract. Particular importance is attached </span><span style=\"display:inherit;clear:left;\">to whether fulfilment of the contract depends on the use of specific assets. The assessment involves judgement as to whether the </span><span style=\"display:inherit;clear:left;\">Group obtains substantially all the economic benefits from the use of the specified asset and whether it has the right to direct how </span><span style=\"display:inherit;clear:left;\">and for what purpose the asset is used. If these criteria are satisfied at the commencement date, a right-of-use asset and a lease </span><span style=\"display:inherit;clear:left;\">liability are recognised in the statement of financial position. </span><span style=\"display:inherit;clear:left;\">In determining the lease term, management considers all the facts and circumstances that create an economic incentive to exercise </span><span style=\"display:inherit;clear:left;\">an extension or termination option. Extension or termination options are only included in the lease term if the lease is reasonably </span><span style=\"display:inherit;clear:left;\">certain to be extended or not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of </span><span style=\"display:inherit;clear:left;\">purchase options follows the same principles as those applied for extension options. </span><span style=\"display:inherit;clear:left;\">The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not objectively assessable, </span><span style=\"display:inherit;clear:left;\">the Group estimates the costs when separating the service component from the lease.</span><span style=\"display:inherit;clear:left;\">Accounting policies<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Cost<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less </span><span style=\"display:inherit;clear:left;\">accumulated amortisation or depreciation and impairment losses. </span><span style=\"display:inherit;clear:left;\">Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. </span><span style=\"display:inherit;clear:left;\">The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-</span><span style=\"display:inherit;clear:left;\">out dependent on the brands\u2019 future performance. </span><span style=\"display:inherit;clear:left;\">The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, </span><span style=\"display:inherit;clear:left;\">and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset, and is included in </span><span style=\"display:inherit;clear:left;\">plant and machinery. </span><span style=\"display:inherit;clear:left;\">Research and development costs are recognised in the income statement as incurred. Development costs of intangible assets, for </span><span style=\"display:inherit;clear:left;\">example software, are recognised as other intangible assets if the costs are expected to generate future economic benefits. </span><span style=\"display:inherit;clear:left;\">For assets acquired in business combinations, including brands and property, plant and equipment, cost at initial recognition is </span><span style=\"display:inherit;clear:left;\">determined by estimating the fair value of the individual assets in the purchase price allocation. </span><span style=\"display:inherit;clear:left;\">Goodwill is only acquired in business combinations and is measured in the purchase price allocation. Goodwill is not amortised but </span><span style=\"display:inherit;clear:left;\">is subject to an annual impairment test, cf. section 2.3. </span><span style=\"display:inherit;clear:left;\">Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">separate items</span></span>. </span><span style=\"display:inherit;clear:left;\">Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in </span><span style=\"display:inherit;clear:left;\">the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced </span><span style=\"display:inherit;clear:left;\">components are derecognised from the statement of financial position and recognised as an expense in the income statement. </span><span style=\"display:inherit;clear:left;\">Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. </span><span style=\"display:inherit;clear:left;\">Useful life, amortisation, depreciation and impairment losses </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the </span><span style=\"display:inherit;clear:left;\">carrying amount, depreciation is discontinued. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account </span><span style=\"display:inherit;clear:left;\">any residual value. The expected useful life and residual value are determined based on past experience and expectations of the </span><span style=\"display:inherit;clear:left;\">future use of assets. </span><span style=\"display:inherit;clear:left;\">Depreciation is calculated on the basis of the cost less the residual value and impairment losses. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses </span><span style=\"display:inherit;clear:left;\">depending on the use of the asset. </span><span style=\"display:inherit;clear:left;\">The expected useful life is as follows:</span><span style=\"display:inherit;clear:left;position:relative;height:261px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 725.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Software</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">N</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">or</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">mal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ly </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">up-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">wid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">e s</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ys</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ms </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">de</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lop</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">s a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">n </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">in</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">teg</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ra</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">d p</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">t </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">of </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">a </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ma</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">jor</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> b</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">us</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ss</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> d</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">eve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lo</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">pm</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ent</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 255.922px; top: 13.627px; width: 97.6406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">pr</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">og</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ram</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">me</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">: </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5-7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.6348px; width: 679.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Delivery rights</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.06px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract; if no contract term has been agreed, normally not exceeding 5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.6348px; width: 694.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Customer relationships</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the customer; if no contract exists, normally not exceeding 15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.6348px; width: 438.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Licence agreements</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the licensor</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.6348px; width: 329.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Land</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 232.201px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not depreciated</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 104.635px; width: 311.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20-40 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.635px; width: 291.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.635px; width: 291.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brewery equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.635px; width: 302.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Filling and bottling equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.855px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8-15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.635px; width: 289.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations in warehouses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 194.635px; width: 288.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade and distribution equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.635px; width: 299.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixtures and fittings, other plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5-8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.635px; width: 297.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hardware</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.635px; width: 302.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-10 years</span></span></span></span><span style=\"display:inherit;clear:left;\">Impairment </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Impairment losses of a non-recurring nature are recognised under special items.</span></span> </span><span style=\"display:inherit;clear:left;\">Leases</span><span style=\"display:inherit;clear:left;\">At the commencement date, the Group recognises a lease liability and a corresponding right-of-use asset at the same amount, </span><span style=\"display:inherit;clear:left;\">except for short-term leases of 12 months or less and leases of low-value assets, which are not recognised. </span><span style=\"display:inherit;clear:left;\">A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease </span><span style=\"display:inherit;clear:left;\">incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a </span><span style=\"display:inherit;clear:left;\">portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars </span><span style=\"display:inherit;clear:left;\">and trucks. </span><span style=\"display:inherit;clear:left;\">Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement </span><span style=\"display:inherit;clear:left;\">of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The </span><span style=\"display:inherit;clear:left;\">impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. </span><span style=\"display:inherit;clear:left;\">section\ue7fe2.3. </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Right-of-use assets are recognised as property, plant and equipment.</span></span> </span><span style=\"display:inherit;clear:left;\">Government grants and other funding</span><span style=\"display:inherit;clear:left;\">Grants and funding received for the acquisition of assets and development projects are recognised in the statement of financial </span><span style=\"display:inherit;clear:left;\">position by deducting the grant from the carrying amount of the asset. The grant is recognised in the income statement over the </span><span style=\"display:inherit;clear:left;\">life of the asset as a reduced depreciation charge.</span><span style=\"display:inherit;clear:left;\">Section 2.3</span><span style=\"display:inherit;clear:left;\">Impairment</span><span style=\"display:inherit;clear:left;\">2.3.1 Recognised impairments</span><span style=\"display:inherit;clear:left;\">The Group has performed impairment tests for goodwill and intangible assets acquired through the acquisition of Britvic as well as </span><span style=\"display:inherit;clear:left;\">for existing goodwill and brands with indefinite useful life at the reporting date. </span><span style=\"display:inherit;clear:left;\">Impairment tests 2025</span><span style=\"display:inherit;clear:left;\">The impairment tests prepared at 31 December 2025 did not identify any indication of impairment of goodwill. </span><span style=\"display:inherit;clear:left;\">The Group recognised an impairment loss of DKK 85m on a local brand with indefinite useful life in the Central &amp; Eastern Europe </span><span style=\"display:inherit;clear:left;\">and India region. In addition, impairment losses of DKK 475m, primarily related to Western Europe, were recognised mainly on </span><span style=\"display:inherit;clear:left;\">property, plant and equipment, including right-of-use assets. These were all recognised in special items. In China, impairment </span><span style=\"display:inherit;clear:left;\">amounting to DKK 100m related to land use rights was reversed.</span><span style=\"display:inherit;clear:left;\">Impairment of non-current assets</span><span style=\"display:inherit;clear:left;position:relative;height:301.3515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.9434px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 355.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 388.166px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.0059px; width: 739.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.054px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 143.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Plant, machinery and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.506px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.399px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 116.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other non-current assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 445.305px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.705px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">66</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 240.881px; width: 739.828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 474.446px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">460</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Of which recognised in special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 337.869px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">560</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">284</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 291.236px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment, discontinued operation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 279.592px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5.3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,258</span></span></span><span style=\"display:inherit;clear:left;\">Impairment tests 2024</span><span style=\"display:inherit;clear:left;\">In 2024, the Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, </span><span style=\"display:inherit;clear:left;\">impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment, of which DKK 93m was recognised in special items. In Asia, impairment losses of DKK 66m were recognised on </span><span style=\"display:inherit;clear:left;\">financial assets. </span><span style=\"display:inherit;clear:left;\">Reversal of impairment </span><span style=\"display:inherit;clear:left;\">Following the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to </span><span style=\"display:inherit;clear:left;\">the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The </span><span style=\"display:inherit;clear:left;\">disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods<span class=\"_ _7\"></span> in net </span><span style=\"display:inherit;clear:left;\">result from discontinued operations, cf. section 5.3.</span><span style=\"display:inherit;clear:left;\">2.3.2 Impairment test of goodwill          </span><span style=\"display:inherit;clear:left;\">The carrying amounts of goodwill relating to the acquisitions of the Britvic Group (2025), Kronenbourg (2008), Chongqing Brewery </span><span style=\"display:inherit;clear:left;\">Group (2013) and the 40% non-controlling interest in Carlsberg Breweries A/S acquired in 2004 prior to the adoption of IFRS each </span><span style=\"display:inherit;clear:left;\">accounted for 10% or more of the total carrying amount of goodwill and brands with indefinite useful life at the reporting date. </span><span style=\"display:inherit;clear:left;\">Goodwill from these acquisitions has been allocated to cash-generating units (CGUs) based on the geographical segmentation.</span><span style=\"display:inherit;clear:left;\">The carrying amount of goodwill is related to the CGUs and allocated to the Group\u2019s geographical segments, which is the level at </span><span style=\"display:inherit;clear:left;\">which it is monitored for internal management purposes. </span><span style=\"display:inherit;clear:left;\">Carrying amount of goodwill allocated to groups of CGUs</span><span style=\"display:inherit;clear:left;position:relative;height:80.37109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.4863px; width: 739.664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 520.148px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,055</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,354</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 34.3613px; width: 739.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 578.831px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 51.2363px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 438.892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,578</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 70.2559px; width: 739.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 569.779px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,259</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 The goodwill recognised on the acquisition of Britvic plc in 2025 was allocated to the Western E<span class=\"_ _7\"></span>urope and Central &amp; Eastern Europe and India CGUs. The acquisition of Gorkha Brewery in </span><span style=\"display:inherit;clear:left;\">2024 was allocated to the Central &amp; Eastern Europe and India CGU.</span><span style=\"display:inherit;clear:left;\">The impairment tests prepared at year-end 2025 did not identify any indication of impairment of goodwill. Management\u2019s view is </span><span style=\"display:inherit;clear:left;\">that excess value in the Group\u2019s CGUs is resilient to any likely and reasonable deteriorations in the key assumptions applied. </span><span style=\"display:inherit;clear:left;\">The traditional approach has been applied to measure recoverable amount. This entails a single set of estimated cash flows and a </span><span style=\"display:inherit;clear:left;\">discount rate that incorporates all the expectations about future cash flows. </span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;position:relative;height:160.6171875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 426.266px; top: 0.0097656px; width: 91.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Forecast cash flow </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 552.766px; top: 0.0097656px; width: 77.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Terminal period </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 13.5098px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 481.25px; top: 13.5098px; width: 33.3809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">growth</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 593.156px; top: 13.5098px; width: 145.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">growth</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 13.2363px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Pre-tax discount rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 418.961px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.7%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.1%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 471.101px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11.1%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 325.881px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14.6%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 97.8848px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.877px; width: 739.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 413.666px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.9%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.752px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 468.761px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12.7%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 148.627px; width: 739.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 370.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14.5%</span></span></span><span style=\"display:inherit;clear:left;\">Cash flow projections for the individual CGUs are based on financial forecasts for the following three years as approved by </span><span style=\"display:inherit;clear:left;\">management. Potential upsides are not identified and adjusted in the cash flows used for impairment testing. Growth is projected in </span><span style=\"display:inherit;clear:left;\">nominal terms and therefore does not translate into cash flow at the same growth rate in the Group\u2019s presentation currency, DKK.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">Goodwill</span><span style=\"display:inherit;clear:left;\">The value in use is the discounted value of the projected future cash flows. The discount rates applied are after tax and reflect </span><span style=\"display:inherit;clear:left;\">current specific risks in the individual markets.</span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;\">The cash flow is based on the budget and target plans for the next three years. Cash flows beyond the three-year period are </span><span style=\"display:inherit;clear:left;\">extrapolated using the terminal period growth rate. The budget and plans for 2026-2028 represent management\u2019s best estimate. </span><span style=\"display:inherit;clear:left;\">The cash flows are discounted using a rate that incorporates all the expectations about the future cash flows and the appropriate </span><span style=\"display:inherit;clear:left;\">risk premium for each CGU. The interest rates used in the impairment tests are based on observable market data. Please refer to </span><span style=\"display:inherit;clear:left;\">the description of discount rates in the section below. </span><span style=\"display:inherit;clear:left;\">The key assumptions on which management bases its cash flow projections are:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Volumes</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Sales prices</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Input costs</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Operating investments</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Terminal period growth</span><span style=\"display:inherit;clear:left;\">The assumptions are determined at CGU level and are based on past experience, external sources of information and industry-</span><span style=\"display:inherit;clear:left;\">relevant observations for each CGU. Local conditions, such as expected developments in macroeconomic and market conditions </span><span style=\"display:inherit;clear:left;\">specific to the individual CGUs, are taken into consideration. The assumptions are challenged and verified by management at CGU </span><span style=\"display:inherit;clear:left;\">and Group level. </span><span style=\"display:inherit;clear:left;\">The budget and target plan processes consider events or circumstances that are relevant to reliably projecting the short-term </span><span style=\"display:inherit;clear:left;\">performance of each CGU. Examples include significant campaign activities, changes in excise duties etc., which may have a short-</span><span style=\"display:inherit;clear:left;\">term impact but are non-recurring. Given their short-term nature, they are not taken into consideration when estimating the </span><span style=\"display:inherit;clear:left;\">terminal period growth rate. </span><span style=\"display:inherit;clear:left;\">Volumes </span><span style=\"display:inherit;clear:left;\">Projec<span class=\"_ _7\"></span>tions ar<span class=\"_ _7\"></span>e based <span class=\"_ _7\"></span>on past <span class=\"_ _7\"></span>experien<span class=\"_ _7\"></span>ce, exte<span class=\"_ _7\"></span>rnal mar<span class=\"_ _7\"></span>ket data<span class=\"_ _7\"></span>, planne<span class=\"_ _7\"></span>d commer<span class=\"_ _7\"></span>cial ini<span class=\"_ _7\"></span>tiatives<span class=\"_ _7\"></span>, such as<span class=\"_ _7\"></span> marketi<span class=\"_ _7\"></span>ng campa<span class=\"_ _7\"></span>igns and<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">sponso<span class=\"_ _7\"></span>rships, <span class=\"_ _7\"></span>and the <span class=\"_ _7\"></span>expected<span class=\"_ _7\"></span> impact <span class=\"_ _7\"></span>on consu<span class=\"_ _7\"></span>mer dema<span class=\"_ _7\"></span>nd and t<span class=\"_ _7\"></span>he level<span class=\"_ _7\"></span> of prem<span class=\"_ _7\"></span>iumisatio<span class=\"_ _7\"></span>n. If re<span class=\"_ _7\"></span>levant, <span class=\"_ _7\"></span>the proj<span class=\"_ _7\"></span>ections <span class=\"_ _7\"></span>are adju<span class=\"_ _7\"></span>sted </span><span style=\"display:inherit;clear:left;\">for th<span class=\"_ _7\"></span>e expec<span class=\"_ _7\"></span>ted chan<span class=\"_ _7\"></span>ges in th<span class=\"_ _7\"></span>e level <span class=\"_ _7\"></span>of premi<span class=\"_ _7\"></span>umisatio<span class=\"_ _7\"></span>n. No ch<span class=\"_ _7\"></span>anges in <span class=\"_ _7\"></span>market s<span class=\"_ _7\"></span>hare are<span class=\"_ _7\"></span> assumed<span class=\"_ _7\"></span> in the <span class=\"_ _7\"></span>medium or<span class=\"_ _7\"></span> long te<span class=\"_ _7\"></span>rm. </span><span style=\"display:inherit;clear:left;\">Demographic expectations general to the industry, such as the development in population, consumption levels, generation-shift </span><span style=\"display:inherit;clear:left;\">patterns, rate of urbanisation and macroeconomic trends, are also considered in medium- and long-term projections.</span><span style=\"display:inherit;clear:left;\">Events and circumstances can impact the timing of volumes entering the market. These include excessive stocking related to an </span><span style=\"display:inherit;clear:left;\">increase in excise duties, campaign activities, and the timing of national holidays and festivals. Such short-term effects are not </span><span style=\"display:inherit;clear:left;\">material to volume projections and do not impact the long-term projections.</span><span style=\"display:inherit;clear:left;\">Sales prices </span><span style=\"display:inherit;clear:left;\">The level of market premiumisation and the locally available portfolio are key drivers in identifying price points. When planning </span><span style=\"display:inherit;clear:left;\">pricing structures, factors including price elasticity, local competition and inflation expectations can also impact the projection. </span><span style=\"display:inherit;clear:left;\">Increases in excise duties are typically passed on to the customers immediately or with a delay of no more than a few months. </span><span style=\"display:inherit;clear:left;\">Since the increase is a pass-through cost and thereby compensated for by price increases at the time of implementation, it does not </span><span style=\"display:inherit;clear:left;\">impact the long-term sales price growth and is therefore not taken into consideration in the projections unless circumstances </span><span style=\"display:inherit;clear:left;\">specifically indicate otherwise. No changes to duties in the short or medium term are taken into consideration unless there is a firm </span><span style=\"display:inherit;clear:left;\">plan to introduce changes. </span><span style=\"display:inherit;clear:left;\">Significant inflationary pressure in recent years has meant revenue growth compensating for rising input costs. The short- and </span><span style=\"display:inherit;clear:left;\">medium-term forecasts include the risk of delays in increasing sales prices to compensate for future rises in input costs.</span><span style=\"display:inherit;clear:left;\">Input costs</span><span style=\"display:inherit;clear:left;\">Input costs in the budget and target plans are based on past experience and on:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Contracted raw and packaging materials</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Contracted services within sales, marketing, </span><span style=\"display:inherit;clear:left;\">production and logistics</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Planned commercial investments</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cost optimisations not related to restructurings </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Expected inflation </span><span style=\"display:inherit;clear:left;\">The elevated level of inflation in recent years has increased the overall input cost level. The short- and medium-term forecast </span><span style=\"display:inherit;clear:left;\">incorporates lower pressure on input costs compared with previous years. In the long term, projections follow the level of inflation. </span><span style=\"display:inherit;clear:left;\">Operating investments </span><span style=\"display:inherit;clear:left;\">Projections are based on past experience of the level of necessary maintenance of existing production capacity, including </span><span style=\"display:inherit;clear:left;\">replacement of parts. This also includes scheduled production line overhauls and improvements to existing equipment. </span><span style=\"display:inherit;clear:left;\">Uncommitted capacity increases and new equipment are not included.</span><span style=\"display:inherit;clear:left;\">Terminal period growth </span><span style=\"display:inherit;clear:left;\">Growth rates are projected to be equal to or below the expected rate of general inflation and assume no nominal economic growth. </span><span style=\"display:inherit;clear:left;\">The projected growth rates and the discount rates applied are compared to ensure a sensible correlation between the two.</span><span style=\"display:inherit;clear:left;\">Discount rates </span><span style=\"display:inherit;clear:left;\">The discount rate is a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the addition of a risk </span><span style=\"display:inherit;clear:left;\">premium relevant to each market. </span><span style=\"display:inherit;clear:left;\">The risk-free interest rates used in the impairment tests are based on observed market data. For countries where long-term risk-</span><span style=\"display:inherit;clear:left;\">free interest rates are not observable or valid due to specific national or macroeconomic conditions, the interest rate is estimated </span><span style=\"display:inherit;clear:left;\">based on observations from other markets and/or long-term expectations expressed by international financial institutions </span><span style=\"display:inherit;clear:left;\">considered reliable by the Group. </span><span style=\"display:inherit;clear:left;\">The added credit risk premium (spread) for the risk-free interest rate is fixed at market price or slightly higher, reflecting the </span><span style=\"display:inherit;clear:left;\">expected long-term market price. The aggregate interest rate, including spread, thereby reflects the long-term interest rate </span><span style=\"display:inherit;clear:left;\">applicable to the Group\u2019s investments in the individual markets.</span><span style=\"display:inherit;clear:left;\">2.3.3 Impairment test of brands</span><span style=\"display:inherit;clear:left;\">Brands with indefinite useful life</span><span style=\"display:inherit;clear:left;position:relative;height:198.49609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.4863px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.55px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 34.3613px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg 1664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 520.624px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,954</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,952</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 51.2363px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 556.414px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,333</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.1113px; width: 739.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Robinsons</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 559.612px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,415</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 87.1309px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Significant brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 516.064px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,606</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,285</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 101.861px; width: 739.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 528.007px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,926</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">694</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 118.736px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.763px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">419</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 135.611px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.041px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">995</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,110</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 152.486px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not allocated</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 547.252px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">945</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.506px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 538.834px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,285</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,226</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 188.381px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 539.291px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,891</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,511</span></span></span><span style=\"display:inherit;clear:left;\">Brands with indefinite useful life that are individually material to the Group comprise International brands (acquired 2004), </span><span style=\"display:inherit;clear:left;\">Kronenbourg 1664 (acquired 2008), Chongqing (acquired 2013) and Robinsons (acquired 2025). International brands is a group of </span><span style=\"display:inherit;clear:left;\">brands acquired with the 40% non-controlling interest in Carlsberg Breweries A/S and allocated to Western Europe.</span><span style=\"display:inherit;clear:left;\">In 2025, significant brands represented 59% (2024: 66%) of the total carrying amount of brands with indefinite useful life<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">Other brands comprise a total of 26 brands (2024: 20 brands) that are not individually material compared with the total carrying </span><span style=\"display:inherit;clear:left;\">amount, including the newly acquired brands from the Britvic Group.</span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;position:relative;height:186.4921875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 362.891px; top: 0.0097656px; width: 42.0996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 472.891px; top: 0.0097656px; width: 44.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Terminal </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 592.094px; top: 0.0097656px; width: 38.0742px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Pre-tax </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.344px; top: 0.0097656px; width: 43.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Post-tax </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 13.5098px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 328.875px; top: 13.5098px; width: 73.4062px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">revenue growth</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 448.797px; top: 13.5098px; width: 65.8594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">period growth</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 566.875px; top: 13.5098px; width: 61.084px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">discount rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 13.5098px; width: 61.084px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">discount rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.988px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.4%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.734px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg 1664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.7%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">.1%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Robinsons</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.8%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.76px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.752px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.988px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.2%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 157.627px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg 1664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.7%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.3%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 174.502px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 330.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.7%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.2%</span></span></span><span style=\"display:inherit;clear:left;\">Impairment of brands</span><span style=\"display:inherit;clear:left;\">Central &amp; Eastern Europe and India</span><span style=\"display:inherit;clear:left;\">In 2025, brand impairment losses totalling DKK 85m were recognised on a local Lithuanian mainstream brand. The impairment is the </span><span style=\"display:inherit;clear:left;\">result of the local beer market being generally subdued, impacted among other things by poor weather and local economic </span><span style=\"display:inherit;clear:left;\">slowdown due to war perception.</span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2024. </span><span style=\"display:inherit;clear:left;\">Western Europe</span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2025. </span><span style=\"display:inherit;clear:left;\">In 2024, total impairment losses of DKK 125m were recognised on various local and regional brands. These reflected a long-term </span><span style=\"display:inherit;clear:left;\">decline within the ale category in the UK due to changing consumer preferences, while in Germany the market showed a decline in </span><span style=\"display:inherit;clear:left;\">volumes because of the industry as a whole having been hit hard by inflation, with high raw material and logistics costs.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Asia</span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2025 or 2024.</span><span style=\"display:inherit;clear:left;\">Non-allocated </span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2025 or 2024.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">The test for impairment of brands is performed using the relief from royalty method and is based on the expected future cash flows </span><span style=\"display:inherit;clear:left;\">generated from the royalty payments avoided for the individual brand for the next 10 years and projections for subsequent years. </span><span style=\"display:inherit;clear:left;\">The cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the </span><span style=\"display:inherit;clear:left;\">addition of a risk premium relevant to the individual market where cash flows are generated, cf. section<span class=\"_ _7\"></span> 2.3.2. For brands where </span><span style=\"display:inherit;clear:left;\">cash flows are generated in more than one market, the cash flows generated in secondary markets are adjusted for the inflationary </span><span style=\"display:inherit;clear:left;\">difference compared with the inflation in the main market before being discounted. </span><span style=\"display:inherit;clear:left;\">Key assumptions </span><span style=\"display:inherit;clear:left;\">The key assumptions on which management bases its cash flow projection include the expected useful life, revenue growth, a </span><span style=\"display:inherit;clear:left;\">theoretical tax amortisation benefit, the royalty, terminal growth rate and the discount rate. </span><span style=\"display:inherit;clear:left;\">Expected useful life </span><span style=\"display:inherit;clear:left;\">Management has assessed that the value of brands with indefinite useful life can be maintained for an indefinite period, as these </span><span style=\"display:inherit;clear:left;\">are well-established brands in their markets, having existed for decades or even centuries. The beer and soft drinks industries are </span><span style=\"display:inherit;clear:left;\">characterised as being very stable with consistent consumer demand and a predictable competitive environment, and are expected </span><span style=\"display:inherit;clear:left;\">to be profitable for the foreseeable future. Control of the brands is legally established and enforceable indefinitely. </span><span style=\"display:inherit;clear:left;\">In management\u2019s opinion, the risk of the useful life of these brands becoming finite is minimal because of their individual market </span><span style=\"display:inherit;clear:left;\">positions and because current and planned marketing initiatives including innovation and promotional activities for beer and soft </span><span style=\"display:inherit;clear:left;\">drinks are expected to sustain their useful life.</span><span style=\"display:inherit;clear:left;\">Revenue growth </span><span style=\"display:inherit;clear:left;\">At the time of acquisition of any individual brand, a revenue growth curve is forecast based on a long-term strategic view of the risk </span><span style=\"display:inherit;clear:left;\">and opportunities relevant to the brand. The curve is projected for a 10-year horizon. This horizon reliably reflects the lengthy </span><span style=\"display:inherit;clear:left;\">process of implementing brand strategies to support a brand occupying its intended place in the Group\u2019s portfolio. The forecast </span><span style=\"display:inherit;clear:left;\">period applied is comparable to the common term of the majority of licence agreements to which the Group is party. </span><span style=\"display:inherit;clear:left;\">In the local markets, the product portfolio usually consists of local power brands and international premium brands. Following the </span><span style=\"display:inherit;clear:left;\">acquisition of Britvic, the portfolio now also includes soft drinks brands, which requires consideration of non-alcoholic beverage </span><span style=\"display:inherit;clear:left;\">market dynamics such as health trends, sugar regulations and category innovation. When projecting revenue growth for local </span><span style=\"display:inherit;clear:left;\">brands, in addition to their commercial strength \u2013 such as market share and segment position \u2013 the forecast takes into </span><span style=\"display:inherit;clear:left;\">consideration the demographics of the primary markets, including expected developments in population, consumption levels, </span><span style=\"display:inherit;clear:left;\">generation-shift patterns, rate of urbanisation, soft drinks and beer market maturity, level of premiumisation, circumstances </span><span style=\"display:inherit;clear:left;\">generally limiting the growth opportunities for alcoholic beverages and soft drinks etc. </span><span style=\"display:inherit;clear:left;\">For<span class=\"_ _7\"></span> bran<span class=\"_ _7\"></span>ds w<span class=\"_ _7\"></span>ith g<span class=\"_ _7\"></span>loba<span class=\"_ _7\"></span>l or <span class=\"_ _7\"></span>regi<span class=\"_ _7\"></span>onal <span class=\"_ _7\"></span>pres<span class=\"_ _7\"></span>ence<span class=\"_ _7\"></span>, enh<span class=\"_ _7\"></span>ance<span class=\"_ _7\"></span>d inv<span class=\"_ _7\"></span>estm<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> in p<span class=\"_ _7\"></span>rodu<span class=\"_ _7\"></span>ct de<span class=\"_ _7\"></span>velo<span class=\"_ _7\"></span>pmen<span class=\"_ _7\"></span>t and<span class=\"_ _7\"></span> mar<span class=\"_ _7\"></span>keti<span class=\"_ _7\"></span>ng ar<span class=\"_ _7\"></span>e ex<span class=\"_ _7\"></span>pect<span class=\"_ _7\"></span>ed. T<span class=\"_ _7\"></span>he e<span class=\"_ _7\"></span>xpec<span class=\"_ _7\"></span>ted </span><span style=\"display:inherit;clear:left;\">gro<span class=\"_ _7\"></span>wth r<span class=\"_ _7\"></span>ate <span class=\"_ _7\"></span>for <span class=\"_ _7\"></span>these<span class=\"_ _7\"></span> bra<span class=\"_ _7\"></span>nds i<span class=\"_ _7\"></span>s ge<span class=\"_ _7\"></span>neral<span class=\"_ _7\"></span>ly h<span class=\"_ _7\"></span>ighe<span class=\"_ _7\"></span>r tha<span class=\"_ _7\"></span>n fo<span class=\"_ _7\"></span>r mor<span class=\"_ _7\"></span>e lo<span class=\"_ _7\"></span>calis<span class=\"_ _7\"></span>ed b<span class=\"_ _7\"></span>rands<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> is u<span class=\"_ _7\"></span>sual<span class=\"_ _7\"></span>ly hi<span class=\"_ _7\"></span>ghes<span class=\"_ _7\"></span>t ear<span class=\"_ _7\"></span>ly i<span class=\"_ _7\"></span>n th<span class=\"_ _7\"></span>e 10-<span class=\"_ _7\"></span>year<span class=\"_ _7\"></span> per<span class=\"_ _7\"></span>iod. </span><span style=\"display:inherit;clear:left;\">Depending on the nominal growth expectations for the individual brand, the revenue growth in individual years may be above, </span><span style=\"display:inherit;clear:left;\">equal to or below the forecast inflation level in the markets where the brand is present. </span><span style=\"display:inherit;clear:left;\">When preparing budgets, consideration is given to events or circumstances that are relevant to reliably projecting the short-term </span><span style=\"display:inherit;clear:left;\">performance of each brand. Examples include significant campaign activities and changes in excise duties etc., which may have a </span><span style=\"display:inherit;clear:left;\">short-term impact but are non-recurring and quickly absorbed by the business. Since the impact is not material to the long-term </span><span style=\"display:inherit;clear:left;\">projections, it is not taken into consideration when estimating the long-term and terminal period growth rates. Please refer to the </span><span style=\"display:inherit;clear:left;\">description of the impact of increases in excise duties in the description of sales prices in section<span class=\"_ _7\"></span> 2.3.2. </span><span style=\"display:inherit;clear:left;\">Tax benefit </span><span style=\"display:inherit;clear:left;\">The theoretical tax benefit applied in the test uses tax rates and amortisation periods based on current legislation. The impairment </span><span style=\"display:inherit;clear:left;\">test applies tax rates in the range of 15-34% and amortisation periods of 5-25 years.</span><span style=\"display:inherit;clear:left;\">Royalty rate</span><span style=\"display:inherit;clear:left;\">Royalties generated by a brand are based on the Group\u2019s total income from the brand and are earned globally, i.e. the income is </span><span style=\"display:inherit;clear:left;\">also earned outside the CGU that owns the brand. If external licence agreements for the brand already exist, the market terms of </span><span style=\"display:inherit;clear:left;\">such agreements are taken into consideration when assessing the royalty rate that the brand is expected to generate in a </span><span style=\"display:inherit;clear:left;\">transaction with independent parties. The royalty rate is based on the actual market position of the individual brand in the global, </span><span style=\"display:inherit;clear:left;\">regional and local markets, and assumes a 10-year horizon. This term is common to the beverage industry when licensing brands.</span><span style=\"display:inherit;clear:left;\">Royalty rates</span><span style=\"display:inherit;clear:left;position:relative;height:46.671875px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0019531px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International, premium and speciality products</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 486.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.5-7.5%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 18.002px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Strong regional and national brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 530.835px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0-6.0%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 34.6738px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Local and mainstream brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 561.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0-3.5%</span></span></span><span style=\"display:inherit;clear:left;\">Identification of cash-generating units </span><span style=\"display:inherit;clear:left;\">The Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional </span><span style=\"display:inherit;clear:left;\">managements responsible for performance, operating investments and growth initiatives in their respective regions. </span><span style=\"display:inherit;clear:left;\">There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations </span><span style=\"display:inherit;clear:left;\">across the Group or within regions. </span><span style=\"display:inherit;clear:left;\">Assets, ot<span class=\"_ _7\"></span>her than good<span class=\"_ _7\"></span>will and brand<span class=\"_ _7\"></span>s with regiona<span class=\"_ _7\"></span>l and global pr<span class=\"_ _7\"></span>esence, are al<span class=\"_ _7\"></span>located to ind<span class=\"_ _7\"></span>ividual cash-g<span class=\"_ _7\"></span>enerating uni<span class=\"_ _7\"></span>ts (CGUs), </span><span style=\"display:inherit;clear:left;\">being the<span class=\"_ _7\"></span> level at whic<span class=\"_ _7\"></span>h the assets ge<span class=\"_ _7\"></span>nerate largely<span class=\"_ _7\"></span> independent <span class=\"_ _7\"></span>cash inflows. <span class=\"_ _7\"></span>As the Group <span class=\"_ _7\"></span>operates with <span class=\"_ _7\"></span>local sales and<span class=\"_ _7\"></span> production </span><span style=\"display:inherit;clear:left;\">organisat<span class=\"_ _7\"></span>ions, the cash<span class=\"_ _7\"></span> inflows are m<span class=\"_ _7\"></span>ostly generat<span class=\"_ _7\"></span>ed locally, an<span class=\"_ _7\"></span>d the CGUs are<span class=\"_ _7\"></span> therefore us<span class=\"_ _7\"></span>ually identifi<span class=\"_ _7\"></span>ed at country<span class=\"_ _7\"></span> level. </span><span style=\"display:inherit;clear:left;\">The determination of CGU allocation is made, and cash inflows are assessed in connection with the purchase price allocation, within </span><span style=\"display:inherit;clear:left;\">12 months from the date of acquisition. </span><span style=\"display:inherit;clear:left;\">Goodwill </span><span style=\"display:inherit;clear:left;\">Goodwill does not generate largely independent cash inflows on its own and is therefore allocated to the Group\u2019s geographical </span><span style=\"display:inherit;clear:left;\">segments, which is the level at which it is monitored for internal management purposes. </span><span style=\"display:inherit;clear:left;\">At the time of acquisition of entities, goodwill is allocated to a CGU. The structure and groups of CGUs are reassessed every year. </span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">Cash flows for brands are separately identifiable and brands are therefore tested individually for impairment. This test is performed </span><span style=\"display:inherit;clear:left;\">in addition to the test for impairment of goodwill. </span><span style=\"display:inherit;clear:left;\">Corporate assets </span><span style=\"display:inherit;clear:left;\">The Group has identified capitalised software relating to the Group\u2019s ERP systems as corporate assets, and as such these are </span><span style=\"display:inherit;clear:left;\">peripheral to the generation of cash inflows. The Group\u2019s ERP landscape is closely linked to the internal management structure, and </span><span style=\"display:inherit;clear:left;\">the identified assets are therefore tested for impairment at the CGU level to which goodwill is allocated. </span><span style=\"display:inherit;clear:left;\">Other non-current assets </span><span style=\"display:inherit;clear:left;\">Other non\u2011current assets are tested for impairment when indications of impairment exist. </span><span style=\"display:inherit;clear:left;\">For property, plant and equipment, management performs an annual assessment of the assets\u2019 future application, for example in </span><span style=\"display:inherit;clear:left;\">relation to changes in production structure, restructurings or brewery closures.</span><span style=\"display:inherit;clear:left;\">The impairment assessment also covers brands with finite useful life, customer relationships and licence agreements recognised as </span><span style=\"display:inherit;clear:left;\">intangible assets. Indicators of impairment include decreases in revenue or margins, loss of significant customers, market declines, </span><span style=\"display:inherit;clear:left;\">and increased cost pressures that suggest that the carrying amount may not be recoverable. Where such indications are identified, </span><span style=\"display:inherit;clear:left;\">the recoverable amount is estimated and an impairment loss is recognised if the carrying amount exceeds the recoverable amount.</span><span style=\"display:inherit;clear:left;\">Other non-current assets are tested for impairment when indications of impairment exist. </span><span style=\"display:inherit;clear:left;\">Key considerations in impairment tests</span><span style=\"display:inherit;clear:left;position:relative;height:99.7734375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 393.938px; top: 0.0097656px; width: 197.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.387px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.1582px; width: 633.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CGU level of test</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Geographical segment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Individual brand</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 37.1582px; width: 699.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Method to estimate recoverable amount</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Value in use</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value less cost of disposal</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.1582px; width: 552.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Method to estimate present value of future cash flows</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.826px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Traditional approach: single most </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 560.141px; top: 55.1582px; width: 157.137px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Traditional approach: single most </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 393.938px; top: 68.6582px; width: 101.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">likely future cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 560.141px; top: 68.6582px; width: 101.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">likely future cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 87.7832px; width: 643.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discount rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Risk-adjusted rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Risk-adjusted rate</span></span></span><span style=\"display:inherit;clear:left;\">For investments in associates, examples of indications of impairment are loss-making activities or significant changes in the </span><span style=\"display:inherit;clear:left;\">business environment.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the </span><span style=\"display:inherit;clear:left;\">year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the </span><span style=\"display:inherit;clear:left;\">level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be </span><span style=\"display:inherit;clear:left;\">recoverable. If an asset\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable </span><span style=\"display:inherit;clear:left;\">amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. </span><span style=\"display:inherit;clear:left;\">For all assets, the recoverable amount is assessed based on budget and target plan with reference to the expected future net cash </span><span style=\"display:inherit;clear:left;\">flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted </span><span style=\"display:inherit;clear:left;\">by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied. </span><span style=\"display:inherit;clear:left;\">Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and </span><span style=\"display:inherit;clear:left;\">losses arising on significant restructurings of processes and structural adjustments are recognised in special items. Minor losses are </span><span style=\"display:inherit;clear:left;\">recognised in the income statement in the relevant line item. </span><span style=\"display:inherit;clear:left;\">Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and </span><span style=\"display:inherit;clear:left;\">estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount </span><span style=\"display:inherit;clear:left;\">does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.</span><span style=\"display:inherit;clear:left;\">2.3.4 Sensitivity tests</span><span style=\"display:inherit;clear:left;\">Sensitivity tests have been performed to determine the lowest forecast and terminal period growth rates and/or highest discount </span><span style=\"display:inherit;clear:left;\">rates that can occur in the groups of CGUs and brands with indefinite useful life without leading to any impairment loss. </span><span style=\"display:inherit;clear:left;\">Goodwill</span><span style=\"display:inherit;clear:left;\">The test for impairment of goodwill did not identify any CGUs or groups of CGUs to which goodwill is allocated where a reasonably </span><span style=\"display:inherit;clear:left;\">possible negative change in a key assumption would cause the carrying amount to exceed the recoverable amount<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">Following the acquisition of the Britvic Group, purchase price allocation was performed in accordance with IFRS 3. The allocation </span><span style=\"display:inherit;clear:left;\">resulted in recognition of brands, valued at DKK 3,755m for the UK, Ireland, France and Brazil. These valuations reflect inherent </span><span style=\"display:inherit;clear:left;\">sensitivity to assumptions such as royalty rates, discount rates (WACC) and long-term growth, and will be subject to annual </span><span style=\"display:inherit;clear:left;\">impairment testing. These brands are sensitive to reasonably possible negative changes in key assumptions. A reasonably possible </span><span style=\"display:inherit;clear:left;\">negative change in a key assumption would also cause the carrying amount of brands written down during the year or in previous </span><span style=\"display:inherit;clear:left;\">years to exceed the recoverable amount. However, management considers the risk of a significant write-down on these brands to be </span><span style=\"display:inherit;clear:left;\">low.</span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;\">The key assumptions relevant to the assessment of the recoverable amount are:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Useful life </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Revenue growth</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Royalty rate </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Discount rate</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Terminal growth rate</span><span style=\"display:inherit;clear:left;\">The assumptions for volume and price are closely linked, which, together with the presence of multiple sub-brands in various </span><span style=\"display:inherit;clear:left;\">geographies within each brand, makes individual sensitivity testing based on these two assumptions highly impractical. Instead, </span><span style=\"display:inherit;clear:left;\">sensitivity testing is performed for the overall revenue growth rate, in both the forecast period and the terminal period.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__70": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 2.1</span><span style=\"display:inherit;clear:left;\">Segmentation of assets and returns</span><span style=\"display:inherit;clear:left;position:relative;height:476.5390625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 1.13477px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.75px; top: 0.0097656px; width: 48.1875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.656px; top: 13.5098px; width: 38.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Eastern </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.828px; top: 13.5098px; width: 47.7598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 289.219px; top: 27.0098px; width: 42.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 411.703px; top: 27.0098px; width: 56.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 515.469px; top: 27.0098px; width: 17.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 550.375px; top: 27.0098px; width: 51.7266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Beverages,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 647.062px; top: 27.0098px; width: 23.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 708.516px; top: 27.0098px; width: 34.0664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Group, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 40.5098px; width: 101.309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 40.5098px; width: 22.7695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 487.219px; top: 40.5098px; width: 46.0898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">allocated\u00b9</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.938px; top: 40.5098px; width: 22.4414px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 628.141px; top: 40.5098px; width: 43.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">beverage</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 717.188px; top: 40.5098px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.2988px; width: 739.934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">71,005</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">103,163</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.0605px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">104,097</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.1738px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31,950</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,878</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,839</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,773</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.0488px; width: 739.898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.541px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,723</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">791</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">742</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,325</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 107.924px; width: 228.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 124.424px; width: 76.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 302.266px; top: 126.127px; width: 437.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,202</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">345</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,577</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,592</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 142.799px; width: 739.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.797px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,041</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,540</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">877</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,532</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 159.674px; width: 739.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 206.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">285</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">72</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">490</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">460</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.549px; width: 741.656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital (ROIC)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.699px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.4551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10.1% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 193.424px; width: 741.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ROIC excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.99px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">16.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">81.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.416px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">42.9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.4% </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 210.182px; width: 74.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MPM measures</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 227.174px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital (MPM), period-end</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">69,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,103</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">101,371</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">102,305</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 244.049px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill (MPM), period-end</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,065</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,699</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,737</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35,671</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.924px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital, ROIC (MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10.8%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 277.799px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital excl. goodwill (MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">81.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30.9%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 311.635px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 328.424px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.338px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,480</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,883</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65,341</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,059</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 345.299px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.018px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,126</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,556</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,013</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,083</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,801</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 362.174px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.701px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,813</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">893</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,810</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">736</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,546</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 379.049px; width: 228.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 395.549px; width: 76.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 304.375px; top: 397.252px; width: 435.17px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1,838</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,328</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,015</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,030</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 413.924px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.404px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,905</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5705px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4707px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">808</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 430.799px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 207.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">224</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">67</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 447.674px; width: 741.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital (ROIC)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.262px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">12.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18.3% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">14.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">13.8% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 464.549px; width: 741.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ROIC excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">28.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.9355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">105.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">37.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">36.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">35.5% </span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Not allocated comprises supporting companies without brewing activities, and eliminations of investment<span class=\"_ _7\"></span>s in subsidiaries, receivables and loans.</span><span style=\"display:inherit;clear:left;\">As a result of the completion of the purchase price allocation for Gorkha Brewery, Nepal, the statement of financial position for 2024 </span><span style=\"display:inherit;clear:left;\">was restated leading to a reduction of equity of DKK 64m and an increase in total assets of DKK 664m. </span><span style=\"display:inherit;clear:left;\">Geographical allocation of non-current assets</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Denmark (Carlsberg A/S\u2019 domicile)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 444.232px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,247</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,994</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 582.518px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37,220</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,127</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15,007</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,395</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 566.947px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,620</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,160</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other countries</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 525.649px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50,242</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47,099</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 565.699px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120,336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84,775</span></span></span><span style=\"display:inherit;clear:left;\">Non-current assets comprise intangible assets and property, plant and equipment owned by the segment/country, even if the income </span><span style=\"display:inherit;clear:left;\">is earned outside the segment/country that owns the asset. </span><span style=\"display:inherit;clear:left;\">Invested capital</span><span style=\"display:inherit;clear:left;position:relative;height:282.375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.002px; width: 739.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 537.96px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">153,955</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113,992</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.7598px; width: 20.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Less</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.752px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,056</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 67.627px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial receivables, hedging instruments and receivables sold</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">822</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 84.502px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits and securities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 518.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-59</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 101.377px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,585</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11,542</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 118.135px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Assets included</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.018px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">142,195</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">101,157</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 135.127px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-26,877</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-23,295</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 152.002px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits on returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 400.481px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,702</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,728</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 168.877px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions, excl. restructurings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,584</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,773</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 185.752px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other liabilities, excl. hedging instruments and deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6,935</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7,302</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 202.51px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Liabilities offset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-38,098</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35,098</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 219.385px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 516.064px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">104,097</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,059</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 236.377px; width: 739.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 552.78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42,258</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 253.135px; width: 739.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 454.886px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,773</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,801</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 270.01px; width: 739.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital, average\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 471.596px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105,729</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65,910</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 The Britvic Group was acquired in January 2025 and had a full-year impact on average invested capital in the year of acquisition. Gorkha Brew<span class=\"_ _7\"></span>ery was acquired in November 2024, and </span><span style=\"display:inherit;clear:left;\">did not have a full-year impact on average invested capital in the year of acquisition.</span><span style=\"display:inherit;clear:left;\">Non-current assets included in invested capital further comprise financial assets other than financial instruments and deferred tax </span><span style=\"display:inherit;clear:left;\">assets. At year-end, invested capital increased by DKK 38bn due to the acquisition of Britvic. </span><span style=\"display:inherit;clear:left;\">ROIC was 10.1%, mainly impacted by the Britvic acquisition. As shown in the figure below, ROIC declined by <span class=\"_ _7\"></span>370bp compared with </span><span style=\"display:inherit;clear:left;\">last year.</span><span style=\"display:inherit;clear:left;\">ROIC (%)</span><span style=\"display:inherit;clear:left;\">1.1</span><span style=\"display:inherit;clear:left;\">0.4</span><span style=\"display:inherit;clear:left;\">13.8</span><span style=\"display:inherit;clear:left;\">-0.6</span><span style=\"display:inherit;clear:left;\">0.0</span><span style=\"display:inherit;clear:left;\">10.1</span><span style=\"display:inherit;clear:left;\">-4.2</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _250\"> </span>EBIT after tax<span class=\"_ _216\"> </span>Assets<span class=\"_ _f2\"> </span>Liabilities<span class=\"_ _1ef\"> </span>FX<span class=\"_ _58\"> </span>Britvic<span class=\"_ _201\"> </span>2025</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The calculation of return on invested capital (ROIC) uses operating profit before special items adjusted for tax, and invested capital, </span><span style=\"display:inherit;clear:left;\">including assets held for sale and trade receivables sold, and excludes deferred considerations and income tax.</span><span style=\"display:inherit;clear:left;\">Accounting policies<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">The Group\u2019s assets and returns are segmented on the basis of geographical regions in accordance with the management reporting </span><span style=\"display:inherit;clear:left;\">for the current year, cf. section 1.2.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__69": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 2.1</span><span style=\"display:inherit;clear:left;\">Segmentation of assets and returns</span><span style=\"display:inherit;clear:left;position:relative;height:476.5390625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 1.13477px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.75px; top: 0.0097656px; width: 48.1875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.656px; top: 13.5098px; width: 38.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Eastern </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.828px; top: 13.5098px; width: 47.7598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 289.219px; top: 27.0098px; width: 42.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 411.703px; top: 27.0098px; width: 56.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 515.469px; top: 27.0098px; width: 17.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 550.375px; top: 27.0098px; width: 51.7266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Beverages,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 647.062px; top: 27.0098px; width: 23.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 708.516px; top: 27.0098px; width: 34.0664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Group, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 40.5098px; width: 101.309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 40.5098px; width: 22.7695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 487.219px; top: 40.5098px; width: 46.0898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">allocated\u00b9</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.938px; top: 40.5098px; width: 22.4414px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 628.141px; top: 40.5098px; width: 43.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">beverage</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 717.188px; top: 40.5098px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.2988px; width: 739.934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">71,005</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">103,163</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.0605px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">104,097</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.1738px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31,950</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,878</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,839</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,773</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.0488px; width: 739.898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.541px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,723</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">791</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">742</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,325</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 107.924px; width: 228.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 124.424px; width: 76.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 302.266px; top: 126.127px; width: 437.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,202</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">345</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,577</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,592</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 142.799px; width: 739.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.797px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,041</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,540</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">877</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,532</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 159.674px; width: 739.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 206.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">285</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">72</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">490</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">460</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.549px; width: 741.656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital (ROIC)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.699px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.4551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10.1% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 193.424px; width: 741.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ROIC excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.99px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">16.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">81.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.416px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">42.9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.4% </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 210.182px; width: 74.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MPM measures</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 227.174px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital (MPM), period-end</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">69,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,103</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">101,371</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">102,305</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 244.049px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill (MPM), period-end</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,065</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,699</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,737</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35,671</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.924px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital, ROIC (MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10.8%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 277.799px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital excl. goodwill (MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">81.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30.9%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 311.635px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 328.424px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.338px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,480</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,883</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65,341</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,059</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 345.299px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.018px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,126</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,556</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,013</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,083</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,801</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 362.174px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.701px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,813</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">893</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,810</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">736</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,546</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 379.049px; width: 228.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 395.549px; width: 76.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 304.375px; top: 397.252px; width: 435.17px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1,838</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,328</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,015</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,030</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 413.924px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.404px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,905</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5705px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4707px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">808</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 430.799px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 207.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">224</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">67</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 447.674px; width: 741.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital (ROIC)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.262px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">12.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18.3% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">14.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">13.8% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 464.549px; width: 741.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ROIC excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">28.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.9355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">105.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">37.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">36.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">35.5% </span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Not allocated comprises supporting companies without brewing activities, and eliminations of investment<span class=\"_ _7\"></span>s in subsidiaries, receivables and loans.</span><span style=\"display:inherit;clear:left;\">As a result of the completion of the purchase price allocation for Gorkha Brewery, Nepal, the statement of financial position for 2024 </span><span style=\"display:inherit;clear:left;\">was restated leading to a reduction of equity of DKK 64m and an increase in total assets of DKK 664m. </span><span style=\"display:inherit;clear:left;\">Geographical allocation of non-current assets</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Denmark (Carlsberg A/S\u2019 domicile)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 444.232px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,247</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,994</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 582.518px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37,220</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,127</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15,007</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,395</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 566.947px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,620</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,160</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other countries</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 525.649px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50,242</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47,099</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 565.699px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120,336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84,775</span></span></span><span style=\"display:inherit;clear:left;\">Non-current assets comprise intangible assets and property, plant and equipment owned by the segment/country, even if the income </span><span style=\"display:inherit;clear:left;\">is earned outside the segment/country that owns the asset. </span><span style=\"display:inherit;clear:left;\">Invested capital</span><span style=\"display:inherit;clear:left;position:relative;height:282.375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.002px; width: 739.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 537.96px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">153,955</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113,992</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.7598px; width: 20.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Less</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.752px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,056</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 67.627px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial receivables, hedging instruments and receivables sold</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">822</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 84.502px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits and securities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 518.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-59</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 101.377px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,585</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11,542</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 118.135px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Assets included</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.018px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">142,195</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">101,157</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 135.127px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-26,877</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-23,295</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 152.002px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits on returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 400.481px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,702</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,728</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 168.877px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions, excl. restructurings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,584</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,773</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 185.752px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other liabilities, excl. hedging instruments and deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6,935</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7,302</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 202.51px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Liabilities offset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-38,098</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35,098</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 219.385px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 516.064px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">104,097</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,059</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 236.377px; width: 739.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 552.78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42,258</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 253.135px; width: 739.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 454.886px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,773</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,801</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 270.01px; width: 739.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital, average\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 471.596px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105,729</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65,910</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 The Britvic Group was acquired in January 2025 and had a full-year impact on average invested capital in the year of acquisition. Gorkha Brew<span class=\"_ _7\"></span>ery was acquired in November 2024, and </span><span style=\"display:inherit;clear:left;\">did not have a full-year impact on average invested capital in the year of acquisition.</span><span style=\"display:inherit;clear:left;\">Non-current assets included in invested capital further comprise financial assets other than financial instruments and deferred tax </span><span style=\"display:inherit;clear:left;\">assets. At year-end, invested capital increased by DKK 38bn due to the acquisition of Britvic. </span><span style=\"display:inherit;clear:left;\">ROIC was 10.1%, mainly impacted by the Britvic acquisition. As shown in the figure below, ROIC declined by <span class=\"_ _7\"></span>370bp compared with </span><span style=\"display:inherit;clear:left;\">last year.</span><span style=\"display:inherit;clear:left;\">ROIC (%)</span><span style=\"display:inherit;clear:left;\">1.1</span><span style=\"display:inherit;clear:left;\">0.4</span><span style=\"display:inherit;clear:left;\">13.8</span><span style=\"display:inherit;clear:left;\">-0.6</span><span style=\"display:inherit;clear:left;\">0.0</span><span style=\"display:inherit;clear:left;\">10.1</span><span style=\"display:inherit;clear:left;\">-4.2</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _250\"> </span>EBIT after tax<span class=\"_ _216\"> </span>Assets<span class=\"_ _f2\"> </span>Liabilities<span class=\"_ _1ef\"> </span>FX<span class=\"_ _58\"> </span>Britvic<span class=\"_ _201\"> </span>2025</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The calculation of return on invested capital (ROIC) uses operating profit before special items adjusted for tax, and invested capital, </span><span style=\"display:inherit;clear:left;\">including assets held for sale and trade receivables sold, and excludes deferred considerations and income tax.</span><span style=\"display:inherit;clear:left;\">Accounting policies<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">The Group\u2019s assets and returns are segmented on the basis of geographical regions in accordance with the management reporting </span><span style=\"display:inherit;clear:left;\">for the current year, cf. section 1.2.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__67-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 2.1</span><span style=\"display:inherit;clear:left;\">Segmentation of assets and returns</span><span style=\"display:inherit;clear:left;position:relative;height:476.5390625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 1.13477px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.75px; top: 0.0097656px; width: 48.1875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.656px; top: 13.5098px; width: 38.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Eastern </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.828px; top: 13.5098px; width: 47.7598px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 289.219px; top: 27.0098px; width: 42.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 411.703px; top: 27.0098px; width: 56.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 515.469px; top: 27.0098px; width: 17.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 550.375px; top: 27.0098px; width: 51.7266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Beverages,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 647.062px; top: 27.0098px; width: 23.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 708.516px; top: 27.0098px; width: 34.0664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Group, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 40.5098px; width: 101.309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 40.5098px; width: 22.7695px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 487.219px; top: 40.5098px; width: 46.0898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">allocated\u00b9</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.938px; top: 40.5098px; width: 22.4414px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 628.141px; top: 40.5098px; width: 43.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">beverage</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 717.188px; top: 40.5098px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.2988px; width: 739.934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">71,005</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">103,163</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.0605px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">104,097</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.1738px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31,950</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,878</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,839</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,773</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.0488px; width: 739.898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.541px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,723</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">791</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">742</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,325</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 107.924px; width: 228.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 124.424px; width: 76.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 302.266px; top: 126.127px; width: 437.145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,202</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">345</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,577</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,592</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 142.799px; width: 739.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.797px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,041</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,540</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">877</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,532</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 159.674px; width: 739.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 206.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">285</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">72</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">490</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">460</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.549px; width: 741.656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital (ROIC)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.699px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.4551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10.1% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 193.424px; width: 741.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ROIC excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.99px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">16.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">81.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.416px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">42.9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.4% </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 210.182px; width: 74.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MPM measures</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 227.174px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital (MPM), period-end</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">69,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,103</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">101,371</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">102,305</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 244.049px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill (MPM), period-end</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,065</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.9904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,699</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,737</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35,671</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.924px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital, ROIC (MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10.8%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 277.799px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital excl. goodwill (MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">81.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30.9%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 311.635px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 328.424px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 224.338px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,480</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,883</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65,341</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.9082px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,059</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 345.299px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.018px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,126</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,556</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,013</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,083</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,801</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 362.174px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.701px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,813</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">893</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,810</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">736</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,546</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 379.049px; width: 228.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 395.549px; width: 76.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 304.375px; top: 397.252px; width: 435.17px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1,838</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.4648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,328</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">828</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,015</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,030</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 413.924px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.404px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,905</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.5705px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 49.4707px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">808</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 430.799px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 207.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">224</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">67</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 447.674px; width: 741.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on invested capital (ROIC)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.262px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">12.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18.3% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">23.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">14.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0449px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">13.8% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 464.549px; width: 741.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ROIC excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">28.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.9355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">105.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.6466px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">37.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.883px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">36.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">35.5% </span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Not allocated comprises supporting companies without brewing activities, and eliminations of investment<span class=\"_ _7\"></span>s in subsidiaries, receivables and loans.</span><span style=\"display:inherit;clear:left;\">As a result of the completion of the purchase price allocation for Gorkha Brewery, Nepal, the statement of financial position for 2024 </span><span style=\"display:inherit;clear:left;\">was restated leading to a reduction of equity of DKK 64m and an increase in total assets of DKK 664m. </span><span style=\"display:inherit;clear:left;\">Geographical allocation of non-current assets</span><span style=\"display:inherit;clear:left;position:relative;height:115.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Denmark (Carlsberg A/S\u2019 domicile)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 444.232px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,247</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,994</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 582.518px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37,220</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,127</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15,007</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,395</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 566.947px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,620</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,160</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other countries</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 525.649px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50,242</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47,099</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 565.699px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120,336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84,775</span></span></span><span style=\"display:inherit;clear:left;\">Non-current assets comprise intangible assets and property, plant and equipment owned by the segment/country, even if the income </span><span style=\"display:inherit;clear:left;\">is earned outside the segment/country that owns the asset. </span><span style=\"display:inherit;clear:left;\">Invested capital</span><span style=\"display:inherit;clear:left;position:relative;height:282.375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.002px; width: 739.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 537.96px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">153,955</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113,992</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.7598px; width: 20.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Less</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.752px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,056</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 67.627px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial receivables, hedging instruments and receivables sold</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">336</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">822</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 84.502px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits and securities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 518.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-59</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 101.377px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,585</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11,542</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 118.135px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Assets included</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.018px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">142,195</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">101,157</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 135.127px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-26,877</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-23,295</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 152.002px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits on returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 400.481px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,702</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,728</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 168.877px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions, excl. restructurings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,584</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,773</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 185.752px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other liabilities, excl. hedging instruments and deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6,935</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7,302</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 202.51px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Liabilities offset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-38,098</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35,098</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 219.385px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 516.064px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">104,097</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,059</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 236.377px; width: 739.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 552.78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42,258</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 253.135px; width: 739.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital excl. goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 454.886px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,773</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,801</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 270.01px; width: 739.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Invested capital, average\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 471.596px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105,729</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65,910</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 The Britvic Group was acquired in January 2025 and had a full-year impact on average invested capital in the year of acquisition. Gorkha Brew<span class=\"_ _7\"></span>ery was acquired in November 2024, and </span><span style=\"display:inherit;clear:left;\">did not have a full-year impact on average invested capital in the year of acquisition.</span><span style=\"display:inherit;clear:left;\">Non-current assets included in invested capital further comprise financial assets other than financial instruments and deferred tax </span><span style=\"display:inherit;clear:left;\">assets. At year-end, invested capital increased by DKK 38bn due to the acquisition of Britvic. </span><span style=\"display:inherit;clear:left;\">ROIC was 10.1%, mainly impacted by the Britvic acquisition. As shown in the figure below, ROIC declined by <span class=\"_ _7\"></span>370bp compared with </span><span style=\"display:inherit;clear:left;\">last year.</span><span style=\"display:inherit;clear:left;\">ROIC (%)</span><span style=\"display:inherit;clear:left;\">1.1</span><span style=\"display:inherit;clear:left;\">0.4</span><span style=\"display:inherit;clear:left;\">13.8</span><span style=\"display:inherit;clear:left;\">-0.6</span><span style=\"display:inherit;clear:left;\">0.0</span><span style=\"display:inherit;clear:left;\">10.1</span><span style=\"display:inherit;clear:left;\">-4.2</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _250\"> </span>EBIT after tax<span class=\"_ _216\"> </span>Assets<span class=\"_ _f2\"> </span>Liabilities<span class=\"_ _1ef\"> </span>FX<span class=\"_ _58\"> </span>Britvic<span class=\"_ _201\"> </span>2025</span><span style=\"display:inherit;clear:left;\">Section 2.2  </span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment</span><span style=\"display:inherit;clear:left;position:relative;height:495.9765625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1519.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 395.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 666.578px; top: 34.9941px; width: 67.8633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contract- and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 651px; top: 48.4941px; width: 83.8477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">customer-related </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 619.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 440.719px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.094px; top: 61.9941px; width: 29.2969px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 79.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 95.752px; width: 140.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 95.8613px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 821.109px; top: 95.752px; width: 697.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 98.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 477.969px; top: 112.627px; width: 141.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">19,458</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,436</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 706.875px; top: 112.736px; width: 25.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">9,330</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 112.627px; width: 689.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">170</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,394</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,268</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,925</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">465</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,658</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,052</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 177.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 129.502px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 129.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 129.502px; width: 691.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,076</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,276</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,261</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,613</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,270</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 146.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 146.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 831.422px; top: 146.377px; width: 688.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-111</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-216</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-274</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,576</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,066</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,179</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 163.252px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 163.361px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 163.252px; width: 679.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">418</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">338</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 180.127px; width: 1016.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 197.002px; width: 1036.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-488</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,434</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-539</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,022</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,570</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.869px; width: 95.9941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 213.76px; width: 1040px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">61,561</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,080</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,031</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92,420</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,149</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,399</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,271</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74,819</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">167,239</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 247.619px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.611px; width: 286.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 264.502px; width: 137.203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 264.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 820.094px; top: 264.502px; width: 699.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 281.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 281.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 281.377px; width: 693.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-284</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,775</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,884</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 138.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 298.252px; width: 116.385px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 298.361px; width: 16.1836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">574</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 298.252px; width: 692.584px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">943</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">911</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,565</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 83.6895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 315.127px; width: 116.473px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 315.236px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 835.078px; top: 315.127px; width: 683.549px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">513</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 137.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 332.002px; width: 1016.54px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.82px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 348.877px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 348.986px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 348.877px; width: 678.973px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-68</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 365.752px; width: 1016.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 490.844px; top: 382.627px; width: 128.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 717.578px; top: 382.736px; width: 13.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 382.627px; width: 690.357px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-382</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-498</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-349</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-975</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,357</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.494px; width: 307.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 399.385px; width: 1037.32px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,435</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,953</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,189</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,696</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,039</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51,228</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 153.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 474.594px; top: 416.26px; width: 1044.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,795</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">83,231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,956</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,249</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,780</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">116,011</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 450.119px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 467.111px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">279</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 351.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,811</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">827</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:512.8515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1518.88px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 640.091px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 338.613px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 731.701px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 553.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 1519.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 511.237px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,982</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,852</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57,455</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18,453</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,571</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60,668</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">118,123</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 498.517px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,954</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,104</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,218</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 1519.18px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 437.49px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">364</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,843</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,207</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 1518.97px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 415.095px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-205</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-219</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-49</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-180</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 1519.17px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,376</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,697</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,803</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 1519.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-788</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">121</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 1519.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 470.471px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,680</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,792</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">405</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">596</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,908</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,700</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 442.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">124</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">733</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">201</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">366</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,099</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.744px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.494px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,306</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,769</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,482</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,595</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,186</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36,263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,618</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 1519.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 571.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-123</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-169</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,267</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,559</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">190</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">800</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,339</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,998</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 1519.06px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 531.862px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">261</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 1519.36px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 490.721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">459</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">352</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.611px; width: 1519.24px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">295</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 1519.05px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 285.158px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 433.244px; width: 1519.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.971px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,258</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,695</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,223</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">53,176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,846</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,054</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,053</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">80,229</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 466.994px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.19px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">273</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">294</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 500.861px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 463.909px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,275</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">661</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span></span></span><span style=\"display:inherit;clear:left;\">Property, plant and equipment under construction amounted to DKK 2,614m<span class=\"_ _7\"></span> (2024: DKK 1,826m). Property, plant and equipment </span><span style=\"display:inherit;clear:left;\">under construction are recognised in plant and machinery until completion. O<span class=\"_ _7\"></span>ther equipment, fixtures and fittings include transport, </span><span style=\"display:inherit;clear:left;\">office and draught beer equipment, fridges and returnable packaging materials.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Other intangible assets include software, land use rights and beer delivery rights.</span></span> </span><span style=\"display:inherit;clear:left;\">Capital expenditure</span><span style=\"display:inherit;clear:left;position:relative;height:132.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.92px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,270</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,207</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Less right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,175</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-968</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 554.872px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,095</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,239</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions payable at the end of the reporting period</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.984px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-492</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-196</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 484.793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-12</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 288.703px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,592</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,030</span></span></span><span style=\"display:inherit;clear:left;\">Amortisation, depreciation and impairment losses</span><span style=\"display:inherit;clear:left;position:relative;height:120.484375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 365.734px; top: 0.0097656px; width: 336.316px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.615px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,831</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,521</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Administrative expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 275.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">73</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">328</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 329.42px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">98</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">421</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">93</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.119px; width: 739.664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 358.037px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">940</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,006</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,233</span></span></span><span style=\"display:inherit;clear:left;\">Gain/loss on disposal of assets</span><span style=\"display:inherit;clear:left;position:relative;height:65.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gain on disposal of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 280.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Loss on disposal of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 281.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-36</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-56</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 589.507px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span></span></span><span style=\"display:inherit;clear:left;\">Cash flow from disposal of property, plant and equipment and intangible assets was DKK<span class=\"_ _7\"></span> 106m (2024: DKK 85m).</span><span style=\"display:inherit;clear:left;\">Right-of-use assets </span><span style=\"display:inherit;clear:left;\">The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual </span><span style=\"display:inherit;clear:left;\">basis and contain a wide range of different terms and conditions.</span><span style=\"display:inherit;clear:left;\">At 31 December 2025, the carrying amount of right-of-use assets was DKK 2,712m<span class=\"_ _7\"></span> (2024: DKK 2,048m). During the year, additions </span><span style=\"display:inherit;clear:left;\">amounted to DKK 1,175m, of which DKK 665m is related to Britvic (2024: DKK 968m), and depreciation amounted to D<span class=\"_ _7\"></span>KK 626m </span><span style=\"display:inherit;clear:left;\">(2024: DKK 593m).</span><span style=\"display:inherit;clear:left;\">Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK </span><span style=\"display:inherit;clear:left;\">63m (2024: DKK 54m). Such contracts usually comprise the lease of copy and printing machines, coffee machines, small IT devices </span><span style=\"display:inherit;clear:left;\">and similar equipment.</span><span style=\"display:inherit;clear:left;\">For disclosures of interest expenses, cash flow and lease liabilities, please refer to sections<span class=\"_ _7\"></span> 4.4 and 4.7.1.</span><span style=\"display:inherit;clear:left;\">Capital commitments </span><span style=\"display:inherit;clear:left;\">The Group<span class=\"_ _7\"></span> has entered <span class=\"_ _7\"></span>into various c<span class=\"_ _7\"></span>apital commitm<span class=\"_ _7\"></span>ents that wil<span class=\"_ _7\"></span>l not take eff<span class=\"_ _7\"></span>ect until aft<span class=\"_ _7\"></span>er the report<span class=\"_ _7\"></span>ing date and h<span class=\"_ _7\"></span>ave therefore<span class=\"_ _7\"></span> not </span><span style=\"display:inherit;clear:left;\">been reco<span class=\"_ _7\"></span>gnised in the <span class=\"_ _7\"></span>consolidated fi<span class=\"_ _7\"></span>nancial state<span class=\"_ _7\"></span>ments. Capital<span class=\"_ _7\"></span> commitments <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>2025 amount<span class=\"_ _7\"></span>ed to DKK 21<span class=\"_ _7\"></span>0m (2024: DK<span class=\"_ _7\"></span>K 173m).</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">Useful life and residual value of intangible assets with finite useful life and property, </span><span style=\"display:inherit;clear:left;\">plant and equipment </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are initially assessed in both acquisitions and business combinations. </span><span style=\"display:inherit;clear:left;\">Management assesses brands and property, plant and equipment for changes in useful life. If an indication of a reduction in the </span><span style=\"display:inherit;clear:left;\">value or useful life exists, such as changes in production structure, restructuring or brewery closures, the asset is tested for </span><span style=\"display:inherit;clear:left;\">impairment. If necessary, the asset is written down or the amortisation/depreciation period is reassessed and, if necessary, adjusted </span><span style=\"display:inherit;clear:left;\">in line with the asset\u2019s changed useful life. When changing the amortisation or depreciation period due to a change in the useful life, </span><span style=\"display:inherit;clear:left;\">the effect on amortisation/depreciation is recognised prospectively as a change in accounting estimates.</span><span style=\"display:inherit;clear:left;\">Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept </span><span style=\"display:inherit;clear:left;\">returns of packaging materials from the market and the level of control. </span><span style=\"display:inherit;clear:left;\">This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These </span><span style=\"display:inherit;clear:left;\">factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">equipment and depreciated over the expected useful life.</span></span> </span><span style=\"display:inherit;clear:left;\">Lease and service contracts </span><span style=\"display:inherit;clear:left;\">At inception of a contract, management assesses whether the contract is or contains a lease. Management considers the substance </span><span style=\"display:inherit;clear:left;\">of any service being rendered to classify the arrangement as either a lease or a service contract. Particular importance is attached </span><span style=\"display:inherit;clear:left;\">to whether fulfilment of the contract depends on the use of specific assets. The assessment involves judgement as to whether the </span><span style=\"display:inherit;clear:left;\">Group obtains substantially all the economic benefits from the use of the specified asset and whether it has the right to direct how </span><span style=\"display:inherit;clear:left;\">and for what purpose the asset is used. If these criteria are satisfied at the commencement date, a right-of-use asset and a lease </span><span style=\"display:inherit;clear:left;\">liability are recognised in the statement of financial position. </span><span style=\"display:inherit;clear:left;\">In determining the lease term, management considers all the facts and circumstances that create an economic incentive to exercise </span><span style=\"display:inherit;clear:left;\">an extension or termination option. Extension or termination options are only included in the lease term if the lease is reasonably </span><span style=\"display:inherit;clear:left;\">certain to be extended or not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of </span><span style=\"display:inherit;clear:left;\">purchase options follows the same principles as those applied for extension options. </span><span style=\"display:inherit;clear:left;\">The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not objectively assessable, </span><span style=\"display:inherit;clear:left;\">the Group estimates the costs when separating the service component from the lease.</span><span style=\"display:inherit;clear:left;\">Accounting policies<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Cost<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less </span><span style=\"display:inherit;clear:left;\">accumulated amortisation or depreciation and impairment losses. </span><span style=\"display:inherit;clear:left;\">Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. </span><span style=\"display:inherit;clear:left;\">The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-</span><span style=\"display:inherit;clear:left;\">out dependent on the brands\u2019 future performance. </span><span style=\"display:inherit;clear:left;\">The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, </span><span style=\"display:inherit;clear:left;\">and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset, and is included in </span><span style=\"display:inherit;clear:left;\">plant and machinery. </span><span style=\"display:inherit;clear:left;\">Research and development costs are recognised in the income statement as incurred. Development costs of intangible assets, for </span><span style=\"display:inherit;clear:left;\">example software, are recognised as other intangible assets if the costs are expected to generate future economic benefits. </span><span style=\"display:inherit;clear:left;\">For assets acquired in business combinations, including brands and property, plant and equipment, cost at initial recognition is </span><span style=\"display:inherit;clear:left;\">determined by estimating the fair value of the individual assets in the purchase price allocation. </span><span style=\"display:inherit;clear:left;\">Goodwill is only acquired in business combinations and is measured in the purchase price allocation. Goodwill is not amortised but </span><span style=\"display:inherit;clear:left;\">is subject to an annual impairment test, cf. section 2.3. </span><span style=\"display:inherit;clear:left;\">Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">separate items</span></span>. </span><span style=\"display:inherit;clear:left;\">Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in </span><span style=\"display:inherit;clear:left;\">the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced </span><span style=\"display:inherit;clear:left;\">components are derecognised from the statement of financial position and recognised as an expense in the income statement. </span><span style=\"display:inherit;clear:left;\">Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. </span><span style=\"display:inherit;clear:left;\">Useful life, amortisation, depreciation and impairment losses </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the </span><span style=\"display:inherit;clear:left;\">carrying amount, depreciation is discontinued. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account </span><span style=\"display:inherit;clear:left;\">any residual value. The expected useful life and residual value are determined based on past experience and expectations of the </span><span style=\"display:inherit;clear:left;\">future use of assets. </span><span style=\"display:inherit;clear:left;\">Depreciation is calculated on the basis of the cost less the residual value and impairment losses. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses </span><span style=\"display:inherit;clear:left;\">depending on the use of the asset. </span><span style=\"display:inherit;clear:left;\">The expected useful life is as follows:</span><span style=\"display:inherit;clear:left;position:relative;height:261px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 725.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Software</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">N</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">or</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">mal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ly </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">up-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">wid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">e s</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ys</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ms </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">de</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lop</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">s a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">n </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">in</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">teg</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ra</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">d p</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">t </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">of </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">a </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ma</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">jor</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> b</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">us</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ss</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> d</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">eve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lo</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">pm</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ent</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 255.922px; top: 13.627px; width: 97.6406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">pr</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">og</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ram</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">me</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">: </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5-7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.6348px; width: 679.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Delivery rights</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.06px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract; if no contract term has been agreed, normally not exceeding 5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.6348px; width: 694.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Customer relationships</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the customer; if no contract exists, normally not exceeding 15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.6348px; width: 438.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Licence agreements</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the licensor</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.6348px; width: 329.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Land</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 232.201px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not depreciated</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 104.635px; width: 311.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20-40 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.635px; width: 291.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.635px; width: 291.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brewery equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.635px; width: 302.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Filling and bottling equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.855px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8-15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.635px; width: 289.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations in warehouses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 194.635px; width: 288.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade and distribution equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.635px; width: 299.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixtures and fittings, other plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5-8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.635px; width: 297.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hardware</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.635px; width: 302.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-10 years</span></span></span></span><span style=\"display:inherit;clear:left;\">Impairment </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Impairment losses of a non-recurring nature are recognised under special items.</span></span> </span><span style=\"display:inherit;clear:left;\">Leases</span><span style=\"display:inherit;clear:left;\">At the commencement date, the Group recognises a lease liability and a corresponding right-of-use asset at the same amount, </span><span style=\"display:inherit;clear:left;\">except for short-term leases of 12 months or less and leases of low-value assets, which are not recognised. </span><span style=\"display:inherit;clear:left;\">A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease </span><span style=\"display:inherit;clear:left;\">incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a </span><span style=\"display:inherit;clear:left;\">portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars </span><span style=\"display:inherit;clear:left;\">and trucks. </span><span style=\"display:inherit;clear:left;\">Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement </span><span style=\"display:inherit;clear:left;\">of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The </span><span style=\"display:inherit;clear:left;\">impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. </span><span style=\"display:inherit;clear:left;\">section\ue7fe2.3. </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Right-of-use assets are recognised as property, plant and equipment.</span></span> </span><span style=\"display:inherit;clear:left;\">Government grants and other funding</span><span style=\"display:inherit;clear:left;\">Grants and funding received for the acquisition of assets and development projects are recognised in the statement of financial </span><span style=\"display:inherit;clear:left;\">position by deducting the grant from the carrying amount of the asset. The grant is recognised in the income statement over the </span><span style=\"display:inherit;clear:left;\">life of the asset as a reduced depreciation charge.</span><span style=\"display:inherit;clear:left;\">Section 2.3</span><span style=\"display:inherit;clear:left;\">Impairment</span><span style=\"display:inherit;clear:left;\">2.3.1 Recognised impairments</span><span style=\"display:inherit;clear:left;\">The Group has performed impairment tests for goodwill and intangible assets acquired through the acquisition of Britvic as well as </span><span style=\"display:inherit;clear:left;\">for existing goodwill and brands with indefinite useful life at the reporting date. </span><span style=\"display:inherit;clear:left;\">Impairment tests 2025</span><span style=\"display:inherit;clear:left;\">The impairment tests prepared at 31 December 2025 did not identify any indication of impairment of goodwill. </span><span style=\"display:inherit;clear:left;\">The Group recognised an impairment loss of DKK 85m on a local brand with indefinite useful life in the Central &amp; Eastern Europe </span><span style=\"display:inherit;clear:left;\">and India region. In addition, impairment losses of DKK 475m, primarily related to Western Europe, were recognised mainly on </span><span style=\"display:inherit;clear:left;\">property, plant and equipment, including right-of-use assets. These were all recognised in special items. In China, impairment </span><span style=\"display:inherit;clear:left;\">amounting to DKK 100m related to land use rights was reversed.</span><span style=\"display:inherit;clear:left;\">Impairment of non-current assets</span><span style=\"display:inherit;clear:left;position:relative;height:301.3515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.9434px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 355.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 388.166px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.0059px; width: 739.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.054px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 143.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Plant, machinery and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.506px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.399px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 116.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other non-current assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 445.305px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.705px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">66</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 240.881px; width: 739.828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 474.446px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">460</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Of which recognised in special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 337.869px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">560</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">284</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 291.236px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment, discontinued operation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 279.592px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5.3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,258</span></span></span><span style=\"display:inherit;clear:left;\">Impairment tests 2024</span><span style=\"display:inherit;clear:left;\">In 2024, the Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, </span><span style=\"display:inherit;clear:left;\">impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment, of which DKK 93m was recognised in special items. In Asia, impairment losses of DKK 66m were recognised on </span><span style=\"display:inherit;clear:left;\">financial assets. </span><span style=\"display:inherit;clear:left;\">Reversal of impairment </span><span style=\"display:inherit;clear:left;\">Following the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to </span><span style=\"display:inherit;clear:left;\">the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The </span><span style=\"display:inherit;clear:left;\">disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods<span class=\"_ _7\"></span> in net </span><span style=\"display:inherit;clear:left;\">result from discontinued operations, cf. section 5.3.</span><span style=\"display:inherit;clear:left;\">Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the </span><span style=\"display:inherit;clear:left;\">year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the </span><span style=\"display:inherit;clear:left;\">level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be </span><span style=\"display:inherit;clear:left;\">recoverable. If an asset\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable </span><span style=\"display:inherit;clear:left;\">amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. </span><span style=\"display:inherit;clear:left;\">For all assets, the recoverable amount is assessed based on budget and target plan with reference to the expected future net cash </span><span style=\"display:inherit;clear:left;\">flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted </span><span style=\"display:inherit;clear:left;\">by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied. </span><span style=\"display:inherit;clear:left;\">Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and </span><span style=\"display:inherit;clear:left;\">losses arising on significant restructurings of processes and structural adjustments are recognised in special items. Minor losses are </span><span style=\"display:inherit;clear:left;\">recognised in the income statement in the relevant line item. </span><span style=\"display:inherit;clear:left;\">Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and </span><span style=\"display:inherit;clear:left;\">estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount </span><span style=\"display:inherit;clear:left;\">does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__63-1": {
   "value": "<span style=\"display:inherit;clear:left;\">SECTION 2</span><span style=\"display:inherit;clear:left;\">ASSET BASE AND RETURNS</span><span style=\"display:inherit;clear:left;\">Return on invested capital (ROIC) is a performance ratio that shows how efficiently our </span><span style=\"display:inherit;clear:left;\">businesses are performing. ROIC remains in focus as part of the Group\u2019s Accelerate SAIL strategy </span><span style=\"display:inherit;clear:left;\">to continue to create value for stakeholders.</span><span style=\"display:inherit;clear:left;\">Additionally, this section provides details on the Group\u2019s intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment, and the results of the impairment testing.</span><span style=\"display:inherit;clear:left;\">Return on invested capital</span><span style=\"display:inherit;clear:left;\">120.0</span><span style=\"display:inherit;clear:left;\">20.0%</span><span style=\"display:inherit;clear:left;\">15.2%</span><span style=\"display:inherit;clear:left;\">14.5%</span><span style=\"display:inherit;clear:left;\">13.8%</span><span style=\"display:inherit;clear:left;\">12.5%</span><span style=\"display:inherit;clear:left;\">10.1%</span><span style=\"display:inherit;clear:left;\">60.0</span><span style=\"display:inherit;clear:left;\">10.0%</span><span style=\"display:inherit;clear:left;\">63.6</span><span style=\"display:inherit;clear:left;\">60.2</span><span style=\"display:inherit;clear:left;\">61.1</span><span style=\"display:inherit;clear:left;\">66.1</span><span style=\"display:inherit;clear:left;\">104.1</span><span style=\"display:inherit;clear:left;\">0.0</span><span style=\"display:inherit;clear:left;\">0.0%</span><span style=\"display:inherit;clear:left;\">2021</span><span style=\"display:inherit;clear:left;\">2022</span><span style=\"display:inherit;clear:left;\">2023</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2025</span><span style=\"display:inherit;clear:left;\">Invested capital</span><span style=\"display:inherit;clear:left;\">ROIC (12-month average)</span><span style=\"display:inherit;clear:left;\">Section 2.2  </span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment</span><span style=\"display:inherit;clear:left;position:relative;height:495.9765625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1519.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 395.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 666.578px; top: 34.9941px; width: 67.8633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contract- and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 651px; top: 48.4941px; width: 83.8477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">customer-related </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 619.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 440.719px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.094px; top: 61.9941px; width: 29.2969px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 79.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 95.752px; width: 140.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 95.8613px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 821.109px; top: 95.752px; width: 697.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 98.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 477.969px; top: 112.627px; width: 141.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">19,458</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,436</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 706.875px; top: 112.736px; width: 25.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">9,330</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 112.627px; width: 689.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">170</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,394</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,268</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,925</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">465</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,658</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,052</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 177.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 129.502px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 129.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 129.502px; width: 691.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,076</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,276</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,261</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,613</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,270</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 146.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 146.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 831.422px; top: 146.377px; width: 688.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-111</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-216</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-274</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,576</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,066</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,179</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 163.252px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 163.361px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 163.252px; width: 679.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">418</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">338</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 180.127px; width: 1016.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 197.002px; width: 1036.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-488</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,434</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-539</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,022</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,570</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.869px; width: 95.9941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 213.76px; width: 1040px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">61,561</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,080</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,031</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92,420</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,149</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,399</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,271</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74,819</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">167,239</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 247.619px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.611px; width: 286.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 264.502px; width: 137.203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 264.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 820.094px; top: 264.502px; width: 699.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 281.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 281.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 281.377px; width: 693.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-284</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,775</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,884</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 138.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 298.252px; width: 116.385px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 298.361px; width: 16.1836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">574</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 298.252px; width: 692.584px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">943</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">911</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,565</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 83.6895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 315.127px; width: 116.473px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 315.236px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 835.078px; top: 315.127px; width: 683.549px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">513</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 137.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 332.002px; width: 1016.54px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.82px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 348.877px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 348.986px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 348.877px; width: 678.973px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-68</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 365.752px; width: 1016.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 490.844px; top: 382.627px; width: 128.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 717.578px; top: 382.736px; width: 13.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 382.627px; width: 690.357px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-382</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-498</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-349</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-975</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,357</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.494px; width: 307.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 399.385px; width: 1037.32px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,435</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,953</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,189</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,696</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,039</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51,228</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 153.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 474.594px; top: 416.26px; width: 1044.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,795</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">83,231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,956</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,249</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,780</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">116,011</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 450.119px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 467.111px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">279</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 351.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,811</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">827</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:512.8515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1518.88px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 640.091px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 338.613px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 731.701px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 553.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 1519.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 511.237px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,982</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,852</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57,455</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18,453</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,571</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60,668</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">118,123</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 498.517px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,954</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,104</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,218</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 1519.18px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 437.49px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">364</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,843</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,207</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 1518.97px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 415.095px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-205</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-219</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-49</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-180</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 1519.17px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,376</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,697</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,803</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 1519.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-788</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">121</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 1519.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 470.471px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,680</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,792</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">405</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">596</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,908</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,700</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 442.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">124</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">733</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">201</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">366</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,099</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.744px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.494px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,306</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,769</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,482</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,595</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,186</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36,263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,618</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 1519.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 571.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-123</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-169</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,267</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,559</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">190</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">800</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,339</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,998</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 1519.06px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 531.862px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">261</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 1519.36px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 490.721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">459</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">352</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.611px; width: 1519.24px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">295</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 1519.05px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 285.158px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 433.244px; width: 1519.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.971px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,258</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,695</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,223</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">53,176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,846</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,054</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,053</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">80,229</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 466.994px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.19px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">273</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">294</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 500.861px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 463.909px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,275</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">661</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span></span></span><span style=\"display:inherit;clear:left;\">Property, plant and equipment under construction amounted to DKK 2,614m<span class=\"_ _7\"></span> (2024: DKK 1,826m). Property, plant and equipment </span><span style=\"display:inherit;clear:left;\">under construction are recognised in plant and machinery until completion. O<span class=\"_ _7\"></span>ther equipment, fixtures and fittings include transport, </span><span style=\"display:inherit;clear:left;\">office and draught beer equipment, fridges and returnable packaging materials.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Other intangible assets include software, land use rights and beer delivery rights.</span><span style=\"display:inherit;clear:left;\">Amortisation, depreciation and impairment losses</span><span style=\"display:inherit;clear:left;position:relative;height:120.484375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 365.734px; top: 0.0097656px; width: 336.316px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.615px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,831</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,521</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Administrative expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 275.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">73</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">328</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 329.42px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">98</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">421</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">93</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.119px; width: 739.664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 358.037px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">940</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,006</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,233</span></span></span><span style=\"display:inherit;clear:left;\">Useful life and residual value of intangible assets with finite useful life and property, </span><span style=\"display:inherit;clear:left;\">plant and equipment </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are initially assessed in both acquisitions and business combinations. </span><span style=\"display:inherit;clear:left;\">Management assesses brands and property, plant and equipment for changes in useful life. If an indication of a reduction in the </span><span style=\"display:inherit;clear:left;\">value or useful life exists, such as changes in production structure, restructuring or brewery closures, the asset is tested for </span><span style=\"display:inherit;clear:left;\">impairment. If necessary, the asset is written down or the amortisation/depreciation period is reassessed and, if necessary, adjusted </span><span style=\"display:inherit;clear:left;\">in line with the asset\u2019s changed useful life. When changing the amortisation or depreciation period due to a change in the useful life, </span><span style=\"display:inherit;clear:left;\">the effect on amortisation/depreciation is recognised prospectively as a change in accounting estimates.</span><span style=\"display:inherit;clear:left;\">Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept </span><span style=\"display:inherit;clear:left;\">returns of packaging materials from the market and the level of control. </span><span style=\"display:inherit;clear:left;\">This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These </span><span style=\"display:inherit;clear:left;\">factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and </span><span style=\"display:inherit;clear:left;\">equipment and depreciated over the expected useful life.</span><span style=\"display:inherit;clear:left;\">Cost<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less </span><span style=\"display:inherit;clear:left;\">accumulated amortisation or depreciation and impairment losses. </span><span style=\"display:inherit;clear:left;\">Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. </span><span style=\"display:inherit;clear:left;\">The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-</span><span style=\"display:inherit;clear:left;\">out dependent on the brands\u2019 future performance. </span><span style=\"display:inherit;clear:left;\">The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, </span><span style=\"display:inherit;clear:left;\">and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset, and is included in </span><span style=\"display:inherit;clear:left;\">plant and machinery. </span><span style=\"display:inherit;clear:left;\">Research and development costs are recognised in the income statement as incurred. Development costs of intangible assets, for </span><span style=\"display:inherit;clear:left;\">example software, are recognised as other intangible assets if the costs are expected to generate future economic benefits. </span><span style=\"display:inherit;clear:left;\">For assets acquired in business combinations, including brands and property, plant and equipment, cost at initial recognition is </span><span style=\"display:inherit;clear:left;\">determined by estimating the fair value of the individual assets in the purchase price allocation. </span><span style=\"display:inherit;clear:left;\">Goodwill is only acquired in business combinations and is measured in the purchase price allocation. Goodwill is not amortised but </span><span style=\"display:inherit;clear:left;\">is subject to an annual impairment test, cf. section 2.3. </span><span style=\"display:inherit;clear:left;\">Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">separate items</span></span>. </span><span style=\"display:inherit;clear:left;\">Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in </span><span style=\"display:inherit;clear:left;\">the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced </span><span style=\"display:inherit;clear:left;\">components are derecognised from the statement of financial position and recognised as an expense in the income statement. </span><span style=\"display:inherit;clear:left;\">Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. </span><span style=\"display:inherit;clear:left;\">Useful life, amortisation, depreciation and impairment losses </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the </span><span style=\"display:inherit;clear:left;\">carrying amount, depreciation is discontinued. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account </span><span style=\"display:inherit;clear:left;\">any residual value. The expected useful life and residual value are determined based on past experience and expectations of the </span><span style=\"display:inherit;clear:left;\">future use of assets. </span><span style=\"display:inherit;clear:left;\">Depreciation is calculated on the basis of the cost less the residual value and impairment losses. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses </span><span style=\"display:inherit;clear:left;\">depending on the use of the asset. </span><span style=\"display:inherit;clear:left;\">The expected useful life is as follows:</span><span style=\"display:inherit;clear:left;position:relative;height:261px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 725.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Software</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">N</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">or</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">mal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ly </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">up-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">wid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">e s</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ys</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ms </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">de</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lop</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">s a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">n </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">in</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">teg</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ra</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">d p</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">t </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">of </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">a </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ma</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">jor</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> b</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">us</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ss</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> d</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">eve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lo</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">pm</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ent</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 255.922px; top: 13.627px; width: 97.6406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">pr</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">og</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ram</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">me</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">: </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5-7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.6348px; width: 679.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Delivery rights</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.06px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract; if no contract term has been agreed, normally not exceeding 5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.6348px; width: 694.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Customer relationships</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the customer; if no contract exists, normally not exceeding 15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.6348px; width: 438.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Licence agreements</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the licensor</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.6348px; width: 329.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Land</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 232.201px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not depreciated</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 104.635px; width: 311.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20-40 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.635px; width: 291.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.635px; width: 291.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brewery equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.635px; width: 302.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Filling and bottling equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.855px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8-15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.635px; width: 289.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations in warehouses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 194.635px; width: 288.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade and distribution equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.635px; width: 299.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixtures and fittings, other plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5-8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.635px; width: 297.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hardware</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.635px; width: 302.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-10 years</span></span></span></span><span style=\"display:inherit;clear:left;\">Impairment </span><span style=\"display:inherit;clear:left;\">Impairment losses of a non-recurring nature are recognised under special items.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__84-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 2.2  </span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment</span><span style=\"display:inherit;clear:left;position:relative;height:495.9765625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1519.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 395.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 666.578px; top: 34.9941px; width: 67.8633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contract- and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 651px; top: 48.4941px; width: 83.8477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">customer-related </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 619.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 440.719px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.094px; top: 61.9941px; width: 29.2969px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 79.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 95.752px; width: 140.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 95.8613px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 821.109px; top: 95.752px; width: 697.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 98.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 477.969px; top: 112.627px; width: 141.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">19,458</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,436</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 706.875px; top: 112.736px; width: 25.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">9,330</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 112.627px; width: 689.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">170</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,394</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,268</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,925</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">465</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,658</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,052</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 177.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 129.502px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 129.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 129.502px; width: 691.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,076</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,276</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,261</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,613</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,270</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 146.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 146.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 831.422px; top: 146.377px; width: 688.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-111</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-216</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-274</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,576</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,066</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,179</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 163.252px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 163.361px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 163.252px; width: 679.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">418</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">338</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 180.127px; width: 1016.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 197.002px; width: 1036.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-488</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,434</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-539</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,022</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,570</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.869px; width: 95.9941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 213.76px; width: 1040px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">61,561</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,080</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,031</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92,420</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,149</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,399</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,271</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74,819</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">167,239</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 247.619px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.611px; width: 286.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 264.502px; width: 137.203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 264.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 820.094px; top: 264.502px; width: 699.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 281.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 281.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 281.377px; width: 693.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-284</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,775</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,884</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 138.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 298.252px; width: 116.385px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 298.361px; width: 16.1836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">574</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 298.252px; width: 692.584px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">943</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">911</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,565</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 83.6895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 315.127px; width: 116.473px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 315.236px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 835.078px; top: 315.127px; width: 683.549px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">513</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 137.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 332.002px; width: 1016.54px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.82px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 348.877px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 348.986px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 348.877px; width: 678.973px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-68</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 365.752px; width: 1016.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 490.844px; top: 382.627px; width: 128.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 717.578px; top: 382.736px; width: 13.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 382.627px; width: 690.357px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-382</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-498</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-349</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-975</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,357</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.494px; width: 307.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 399.385px; width: 1037.32px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,435</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,953</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,189</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,696</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,039</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51,228</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 153.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 474.594px; top: 416.26px; width: 1044.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,795</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">83,231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,956</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,249</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,780</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">116,011</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 450.119px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 467.111px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">279</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 351.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,811</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">827</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:512.8515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1518.88px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 640.091px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 338.613px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 731.701px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 553.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 1519.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 511.237px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,982</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,852</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57,455</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18,453</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,571</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60,668</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">118,123</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 498.517px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,954</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,104</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,218</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 1519.18px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 437.49px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">364</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,843</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,207</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 1518.97px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 415.095px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-205</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-219</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-49</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-180</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 1519.17px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,376</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,697</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,803</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 1519.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-788</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">121</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 1519.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 470.471px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,680</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,792</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">405</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">596</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,908</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,700</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 442.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">124</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">733</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">201</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">366</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,099</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.744px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.494px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,306</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,769</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,482</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,595</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,186</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36,263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,618</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 1519.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 571.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-123</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-169</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,267</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,559</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">190</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">800</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,339</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,998</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 1519.06px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 531.862px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">261</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 1519.36px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 490.721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">459</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">352</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.611px; width: 1519.24px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">295</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 1519.05px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 285.158px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 433.244px; width: 1519.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.971px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,258</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,695</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,223</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">53,176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,846</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,054</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,053</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">80,229</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 466.994px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.19px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">273</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">294</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 500.861px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 463.909px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,275</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">661</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span></span></span><span style=\"display:inherit;clear:left;\">Right-of-use assets </span><span style=\"display:inherit;clear:left;\">The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual </span><span style=\"display:inherit;clear:left;\">basis and contain a wide range of different terms and conditions.</span><span style=\"display:inherit;clear:left;\">At 31 December 2025, the carrying amount of right-of-use assets was DKK 2,712m<span class=\"_ _7\"></span> (2024: DKK 2,048m). During the year, additions </span><span style=\"display:inherit;clear:left;\">amounted to DKK 1,175m, of which DKK 665m is related to Britvic (2024: DKK 968m), and depreciation amounted to D<span class=\"_ _7\"></span>KK 626m </span><span style=\"display:inherit;clear:left;\">(2024: DKK 593m).</span><span style=\"display:inherit;clear:left;\">Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK </span><span style=\"display:inherit;clear:left;\">63m (2024: DKK 54m). Such contracts usually comprise the lease of copy and printing machines, coffee machines, small IT devices </span><span style=\"display:inherit;clear:left;\">and similar equipment.</span><span style=\"display:inherit;clear:left;\">For disclosures of interest expenses, cash flow and lease liabilities, please refer to sections<span class=\"_ _7\"></span> 4.4 and 4.7.1.</span><span style=\"display:inherit;clear:left;\">Lease and service contracts </span><span style=\"display:inherit;clear:left;\">At inception of a contract, management assesses whether the contract is or contains a lease. Management considers the substance </span><span style=\"display:inherit;clear:left;\">of any service being rendered to classify the arrangement as either a lease or a service contract. Particular importance is attached </span><span style=\"display:inherit;clear:left;\">to whether fulfilment of the contract depends on the use of specific assets. The assessment involves judgement as to whether the </span><span style=\"display:inherit;clear:left;\">Group obtains substantially all the economic benefits from the use of the specified asset and whether it has the right to direct how </span><span style=\"display:inherit;clear:left;\">and for what purpose the asset is used. If these criteria are satisfied at the commencement date, a right-of-use asset and a lease </span><span style=\"display:inherit;clear:left;\">liability are recognised in the statement of financial position. </span><span style=\"display:inherit;clear:left;\">In determining the lease term, management considers all the facts and circumstances that create an economic incentive to exercise </span><span style=\"display:inherit;clear:left;\">an extension or termination option. Extension or termination options are only included in the lease term if the lease is reasonably </span><span style=\"display:inherit;clear:left;\">certain to be extended or not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of </span><span style=\"display:inherit;clear:left;\">purchase options follows the same principles as those applied for extension options. </span><span style=\"display:inherit;clear:left;\">The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not objectively assessable, </span><span style=\"display:inherit;clear:left;\">the Group estimates the costs when separating the service component from the lease.</span><span style=\"display:inherit;clear:left;\">Leases</span><span style=\"display:inherit;clear:left;\">At the commencement date, the Group recognises a lease liability and a corresponding right-of-use asset at the same amount, </span><span style=\"display:inherit;clear:left;\">except for short-term leases of 12 months or less and leases of low-value assets, which are not recognised. </span><span style=\"display:inherit;clear:left;\">A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease </span><span style=\"display:inherit;clear:left;\">incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a </span><span style=\"display:inherit;clear:left;\">portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars </span><span style=\"display:inherit;clear:left;\">and trucks. </span><span style=\"display:inherit;clear:left;\">Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement </span><span style=\"display:inherit;clear:left;\">of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The </span><span style=\"display:inherit;clear:left;\">impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. </span><span style=\"display:inherit;clear:left;\">section\ue7fe2.3. </span><span style=\"display:inherit;clear:left;\">Right-of-use assets are recognised as property, plant and equipment.</span><span style=\"display:inherit;clear:left;\">Lease liability </span><span style=\"display:inherit;clear:left;\">The lease liability is measured at the present value of the remaining lease payments at the reporting date, discounted using the </span><span style=\"display:inherit;clear:left;\">incremental borrowing rate for similar assets, taking into account the terms of the leases. A remeasurement of the lease liability, </span><span style=\"display:inherit;clear:left;\">for example a change in the assessment of an option to extend, results in a corresponding adjustment of the related right-of-use </span><span style=\"display:inherit;clear:left;\">assets, cf. section 2.2. Extension or termination options are included in the lease term if the lease is reasonably certain to be </span><span style=\"display:inherit;clear:left;\">extended or not terminated. Consequently, all cash outflows that are reasonably certain to impact the future cash balances are </span><span style=\"display:inherit;clear:left;\">recognised as lease liabilities at initial recognition of lease contracts. The Group reassesses the circumstances leading to extension </span><span style=\"display:inherit;clear:left;\">or termination options not being recognised.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__75-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 2.2  </span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment</span><span style=\"display:inherit;clear:left;position:relative;height:495.9765625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1519.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 395.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 666.578px; top: 34.9941px; width: 67.8633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contract- and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 651px; top: 48.4941px; width: 83.8477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">customer-related </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 619.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 440.719px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.094px; top: 61.9941px; width: 29.2969px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 79.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 95.752px; width: 140.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 95.8613px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 821.109px; top: 95.752px; width: 697.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 98.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 477.969px; top: 112.627px; width: 141.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">19,458</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,436</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 706.875px; top: 112.736px; width: 25.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">9,330</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 112.627px; width: 689.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">170</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,394</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,268</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,925</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">465</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,658</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,052</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 177.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 129.502px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 129.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 129.502px; width: 691.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,076</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,276</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,261</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,613</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,270</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 146.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 146.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 831.422px; top: 146.377px; width: 688.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-111</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-216</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-274</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,576</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,066</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,179</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 163.252px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 163.361px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 163.252px; width: 679.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">418</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">338</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 180.127px; width: 1016.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 197.002px; width: 1036.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-488</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,434</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-539</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,022</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,570</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.869px; width: 95.9941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 213.76px; width: 1040px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">61,561</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,080</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,031</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92,420</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,149</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,399</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,271</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74,819</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">167,239</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 247.619px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.611px; width: 286.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 264.502px; width: 137.203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 264.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 820.094px; top: 264.502px; width: 699.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 281.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 281.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 281.377px; width: 693.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-284</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,775</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,884</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 138.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 298.252px; width: 116.385px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 298.361px; width: 16.1836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">574</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 298.252px; width: 692.584px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">943</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">911</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,565</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 83.6895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 315.127px; width: 116.473px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 315.236px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 835.078px; top: 315.127px; width: 683.549px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">513</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 137.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 332.002px; width: 1016.54px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.82px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 348.877px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 348.986px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 348.877px; width: 678.973px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-68</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 365.752px; width: 1016.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 490.844px; top: 382.627px; width: 128.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 717.578px; top: 382.736px; width: 13.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 382.627px; width: 690.357px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-382</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-498</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-349</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-975</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,357</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.494px; width: 307.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 399.385px; width: 1037.32px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,435</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,953</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,189</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,696</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,039</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51,228</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 153.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 474.594px; top: 416.26px; width: 1044.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,795</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">83,231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,956</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,249</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,780</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">116,011</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 450.119px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 467.111px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">279</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 351.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,811</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">827</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:512.8515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1518.88px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 640.091px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 338.613px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 731.701px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 553.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 1519.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 511.237px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,982</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,852</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57,455</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18,453</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,571</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60,668</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">118,123</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 498.517px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,954</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,104</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,218</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 1519.18px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 437.49px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">364</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,843</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,207</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 1518.97px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 415.095px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-205</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-219</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-49</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-180</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 1519.17px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,376</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,697</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,803</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 1519.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-788</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">121</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 1519.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 470.471px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,680</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,792</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">405</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">596</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,908</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,700</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 442.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">124</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">733</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">201</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">366</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,099</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.744px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.494px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,306</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,769</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,482</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,595</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,186</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36,263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,618</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 1519.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 571.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-123</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-169</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,267</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,559</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">190</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">800</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,339</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,998</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 1519.06px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 531.862px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">261</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 1519.36px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 490.721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">459</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">352</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.611px; width: 1519.24px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">295</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 1519.05px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 285.158px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 433.244px; width: 1519.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.971px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,258</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,695</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,223</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">53,176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,846</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,054</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,053</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">80,229</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 466.994px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.19px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">273</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">294</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 500.861px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 463.909px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,275</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">661</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span></span></span><span style=\"display:inherit;clear:left;\">Goodwill is only acquired in business combinations and is measured in the purchase price allocation. Goodwill is not amortised but </span><span style=\"display:inherit;clear:left;\">is subject to an annual impairment test, cf. section 2.3. </span><span style=\"display:inherit;clear:left;\">Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as </span><span style=\"display:inherit;clear:left;\">separate items</span><span style=\"display:inherit;clear:left;\">Section 2.3</span><span style=\"display:inherit;clear:left;\">Impairment</span><span style=\"display:inherit;clear:left;\">2.3.1 Recognised impairments</span><span style=\"display:inherit;clear:left;\">The Group has performed impairment tests for goodwill and intangible assets acquired through the acquisition of Britvic as well as </span><span style=\"display:inherit;clear:left;\">for existing goodwill and brands with indefinite useful life at the reporting date. </span><span style=\"display:inherit;clear:left;\">Impairment tests 2025</span><span style=\"display:inherit;clear:left;\">The impairment tests prepared at 31 December 2025 did not identify any indication of impairment of goodwill. </span><span style=\"display:inherit;clear:left;\">The Group recognised an impairment loss of DKK 85m on a local brand with indefinite useful life in the Central &amp; Eastern Europe </span><span style=\"display:inherit;clear:left;\">and India region. In addition, impairment losses of DKK 475m, primarily related to Western Europe, were recognised mainly on </span><span style=\"display:inherit;clear:left;\">property, plant and equipment, including right-of-use assets. These were all recognised in special items. In China, impairment </span><span style=\"display:inherit;clear:left;\">amounting to DKK 100m related to land use rights was reversed.</span><span style=\"display:inherit;clear:left;\">Impairment of non-current assets</span><span style=\"display:inherit;clear:left;position:relative;height:301.3515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.9434px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 355.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 388.166px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.0059px; width: 739.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.054px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 143.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Plant, machinery and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.506px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.399px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 116.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other non-current assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 445.305px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.705px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">66</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 240.881px; width: 739.828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 474.446px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">460</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Of which recognised in special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 337.869px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">560</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">284</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 291.236px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment, discontinued operation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 279.592px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5.3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,258</span></span></span><span style=\"display:inherit;clear:left;\">Impairment tests 2024</span><span style=\"display:inherit;clear:left;\">In 2024, the Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, </span><span style=\"display:inherit;clear:left;\">impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment, of which DKK 93m was recognised in special items. In Asia, impairment losses of DKK 66m were recognised on </span><span style=\"display:inherit;clear:left;\">financial assets. </span><span style=\"display:inherit;clear:left;\">Reversal of impairment </span><span style=\"display:inherit;clear:left;\">Following the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to </span><span style=\"display:inherit;clear:left;\">the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The </span><span style=\"display:inherit;clear:left;\">disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods<span class=\"_ _7\"></span> in net </span><span style=\"display:inherit;clear:left;\">result from discontinued operations, cf. section 5.3.</span><span style=\"display:inherit;clear:left;\">2.3.2 Impairment test of goodwill          </span><span style=\"display:inherit;clear:left;\">The carrying amounts of goodwill relating to the acquisitions of the Britvic Group (2025), Kronenbourg (2008), Chongqing Brewery </span><span style=\"display:inherit;clear:left;\">Group (2013) and the 40% non-controlling interest in Carlsberg Breweries A/S acquired in 2004 prior to the adoption of IFRS each </span><span style=\"display:inherit;clear:left;\">accounted for 10% or more of the total carrying amount of goodwill and brands with indefinite useful life at the reporting date. </span><span style=\"display:inherit;clear:left;\">Goodwill from these acquisitions has been allocated to cash-generating units (CGUs) based on the geographical segmentation.</span><span style=\"display:inherit;clear:left;\">The carrying amount of goodwill is related to the CGUs and allocated to the Group\u2019s geographical segments, which is the level at </span><span style=\"display:inherit;clear:left;\">which it is monitored for internal management purposes. </span><span style=\"display:inherit;clear:left;\">Carrying amount of goodwill allocated to groups of CGUs</span><span style=\"display:inherit;clear:left;position:relative;height:80.37109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.4863px; width: 739.664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 520.148px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,055</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,354</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 34.3613px; width: 739.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 578.831px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 51.2363px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 438.892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,578</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 70.2559px; width: 739.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 569.779px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,259</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 The goodwill recognised on the acquisition of Britvic plc in 2025 was allocated to the Western E<span class=\"_ _7\"></span>urope and Central &amp; Eastern Europe and India CGUs. The acquisition of Gorkha Brewery in </span><span style=\"display:inherit;clear:left;\">2024 was allocated to the Central &amp; Eastern Europe and India CGU.</span><span style=\"display:inherit;clear:left;\">The impairment tests prepared at year-end 2025 did not identify any indication of impairment of goodwill. Management\u2019s view is </span><span style=\"display:inherit;clear:left;\">that excess value in the Group\u2019s CGUs is resilient to any likely and reasonable deteriorations in the key assumptions applied. </span><span style=\"display:inherit;clear:left;\">The traditional approach has been applied to measure recoverable amount. This entails a single set of estimated cash flows and a </span><span style=\"display:inherit;clear:left;\">discount rate that incorporates all the expectations about future cash flows. </span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;position:relative;height:160.6171875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 426.266px; top: 0.0097656px; width: 91.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Forecast cash flow </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 552.766px; top: 0.0097656px; width: 77.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Terminal period </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 13.5098px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 481.25px; top: 13.5098px; width: 33.3809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">growth</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 593.156px; top: 13.5098px; width: 145.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">growth</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 13.2363px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Pre-tax discount rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 418.961px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.7%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.1%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 471.101px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11.1%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 325.881px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14.6%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 97.8848px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.877px; width: 739.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 413.666px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.9%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.752px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 468.761px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12.7%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 148.627px; width: 739.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 370.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14.5%</span></span></span><span style=\"display:inherit;clear:left;\">Cash flow projections for the individual CGUs are based on financial forecasts for the following three years as approved by </span><span style=\"display:inherit;clear:left;\">management. Potential upsides are not identified and adjusted in the cash flows used for impairment testing. Growth is projected in </span><span style=\"display:inherit;clear:left;\">nominal terms and therefore does not translate into cash flow at the same growth rate in the Group\u2019s presentation currency, DKK.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">Goodwill</span><span style=\"display:inherit;clear:left;\">The value in use is the discounted value of the projected future cash flows. The discount rates applied are after tax and reflect </span><span style=\"display:inherit;clear:left;\">current specific risks in the individual markets.</span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;\">The cash flow is based on the budget and target plans for the next three years. Cash flows beyond the three-year period are </span><span style=\"display:inherit;clear:left;\">extrapolated using the terminal period growth rate. The budget and plans for 2026-2028 represent management\u2019s best estimate. </span><span style=\"display:inherit;clear:left;\">The cash flows are discounted using a rate that incorporates all the expectations about the future cash flows and the appropriate </span><span style=\"display:inherit;clear:left;\">risk premium for each CGU. The interest rates used in the impairment tests are based on observable market data. Please refer to </span><span style=\"display:inherit;clear:left;\">the description of discount rates in the section below. </span><span style=\"display:inherit;clear:left;\">The key assumptions on which management bases its cash flow projections are:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Volumes</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Sales prices</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Input costs</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Operating investments</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Terminal period growth</span><span style=\"display:inherit;clear:left;\">The assumptions are determined at CGU level and are based on past experience, external sources of information and industry-</span><span style=\"display:inherit;clear:left;\">relevant observations for each CGU. Local conditions, such as expected developments in macroeconomic and market conditions </span><span style=\"display:inherit;clear:left;\">specific to the individual CGUs, are taken into consideration. The assumptions are challenged and verified by management at CGU </span><span style=\"display:inherit;clear:left;\">and Group level. </span><span style=\"display:inherit;clear:left;\">The budget and target plan processes consider events or circumstances that are relevant to reliably projecting the short-term </span><span style=\"display:inherit;clear:left;\">performance of each CGU. Examples include significant campaign activities, changes in excise duties etc., which may have a short-</span><span style=\"display:inherit;clear:left;\">term impact but are non-recurring. Given their short-term nature, they are not taken into consideration when estimating the </span><span style=\"display:inherit;clear:left;\">terminal period growth rate. </span><span style=\"display:inherit;clear:left;\">Volumes </span><span style=\"display:inherit;clear:left;\">Projec<span class=\"_ _7\"></span>tions ar<span class=\"_ _7\"></span>e based <span class=\"_ _7\"></span>on past <span class=\"_ _7\"></span>experien<span class=\"_ _7\"></span>ce, exte<span class=\"_ _7\"></span>rnal mar<span class=\"_ _7\"></span>ket data<span class=\"_ _7\"></span>, planne<span class=\"_ _7\"></span>d commer<span class=\"_ _7\"></span>cial ini<span class=\"_ _7\"></span>tiatives<span class=\"_ _7\"></span>, such as<span class=\"_ _7\"></span> marketi<span class=\"_ _7\"></span>ng campa<span class=\"_ _7\"></span>igns and<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">sponso<span class=\"_ _7\"></span>rships, <span class=\"_ _7\"></span>and the <span class=\"_ _7\"></span>expected<span class=\"_ _7\"></span> impact <span class=\"_ _7\"></span>on consu<span class=\"_ _7\"></span>mer dema<span class=\"_ _7\"></span>nd and t<span class=\"_ _7\"></span>he level<span class=\"_ _7\"></span> of prem<span class=\"_ _7\"></span>iumisatio<span class=\"_ _7\"></span>n. If re<span class=\"_ _7\"></span>levant, <span class=\"_ _7\"></span>the proj<span class=\"_ _7\"></span>ections <span class=\"_ _7\"></span>are adju<span class=\"_ _7\"></span>sted </span><span style=\"display:inherit;clear:left;\">for th<span class=\"_ _7\"></span>e expec<span class=\"_ _7\"></span>ted chan<span class=\"_ _7\"></span>ges in th<span class=\"_ _7\"></span>e level <span class=\"_ _7\"></span>of premi<span class=\"_ _7\"></span>umisatio<span class=\"_ _7\"></span>n. No ch<span class=\"_ _7\"></span>anges in <span class=\"_ _7\"></span>market s<span class=\"_ _7\"></span>hare are<span class=\"_ _7\"></span> assumed<span class=\"_ _7\"></span> in the <span class=\"_ _7\"></span>medium or<span class=\"_ _7\"></span> long te<span class=\"_ _7\"></span>rm. </span><span style=\"display:inherit;clear:left;\">Demographic expectations general to the industry, such as the development in population, consumption levels, generation-shift </span><span style=\"display:inherit;clear:left;\">patterns, rate of urbanisation and macroeconomic trends, are also considered in medium- and long-term projections.</span><span style=\"display:inherit;clear:left;\">Events and circumstances can impact the timing of volumes entering the market. These include excessive stocking related to an </span><span style=\"display:inherit;clear:left;\">increase in excise duties, campaign activities, and the timing of national holidays and festivals. Such short-term effects are not </span><span style=\"display:inherit;clear:left;\">material to volume projections and do not impact the long-term projections.</span><span style=\"display:inherit;clear:left;\">Sales prices </span><span style=\"display:inherit;clear:left;\">The level of market premiumisation and the locally available portfolio are key drivers in identifying price points. When planning </span><span style=\"display:inherit;clear:left;\">pricing structures, factors including price elasticity, local competition and inflation expectations can also impact the projection. </span><span style=\"display:inherit;clear:left;\">Increases in excise duties are typically passed on to the customers immediately or with a delay of no more than a few months. </span><span style=\"display:inherit;clear:left;\">Since the increase is a pass-through cost and thereby compensated for by price increases at the time of implementation, it does not </span><span style=\"display:inherit;clear:left;\">impact the long-term sales price growth and is therefore not taken into consideration in the projections unless circumstances </span><span style=\"display:inherit;clear:left;\">specifically indicate otherwise. No changes to duties in the short or medium term are taken into consideration unless there is a firm </span><span style=\"display:inherit;clear:left;\">plan to introduce changes. </span><span style=\"display:inherit;clear:left;\">Significant inflationary pressure in recent years has meant revenue growth compensating for rising input costs. The short- and </span><span style=\"display:inherit;clear:left;\">medium-term forecasts include the risk of delays in increasing sales prices to compensate for future rises in input costs.</span><span style=\"display:inherit;clear:left;\">Input costs</span><span style=\"display:inherit;clear:left;\">Input costs in the budget and target plans are based on past experience and on:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Contracted raw and packaging materials</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Contracted services within sales, marketing, </span><span style=\"display:inherit;clear:left;\">production and logistics</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Planned commercial investments</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cost optimisations not related to restructurings </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Expected inflation </span><span style=\"display:inherit;clear:left;\">The elevated level of inflation in recent years has increased the overall input cost level. The short- and medium-term forecast </span><span style=\"display:inherit;clear:left;\">incorporates lower pressure on input costs compared with previous years. In the long term, projections follow the level of inflation. </span><span style=\"display:inherit;clear:left;\">Operating investments </span><span style=\"display:inherit;clear:left;\">Projections are based on past experience of the level of necessary maintenance of existing production capacity, including </span><span style=\"display:inherit;clear:left;\">replacement of parts. This also includes scheduled production line overhauls and improvements to existing equipment. </span><span style=\"display:inherit;clear:left;\">Uncommitted capacity increases and new equipment are not included.</span><span style=\"display:inherit;clear:left;\">Terminal period growth </span><span style=\"display:inherit;clear:left;\">Growth rates are projected to be equal to or below the expected rate of general inflation and assume no nominal economic growth. </span><span style=\"display:inherit;clear:left;\">The projected growth rates and the discount rates applied are compared to ensure a sensible correlation between the two.</span><span style=\"display:inherit;clear:left;\">Discount rates </span><span style=\"display:inherit;clear:left;\">The discount rate is a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the addition of a risk </span><span style=\"display:inherit;clear:left;\">premium relevant to each market. </span><span style=\"display:inherit;clear:left;\">The risk-free interest rates used in the impairment tests are based on observed market data. For countries where long-term risk-</span><span style=\"display:inherit;clear:left;\">free interest rates are not observable or valid due to specific national or macroeconomic conditions, the interest rate is estimated </span><span style=\"display:inherit;clear:left;\">based on observations from other markets and/or long-term expectations expressed by international financial institutions </span><span style=\"display:inherit;clear:left;\">considered reliable by the Group. </span><span style=\"display:inherit;clear:left;\">The added credit risk premium (spread) for the risk-free interest rate is fixed at market price or slightly higher, reflecting the </span><span style=\"display:inherit;clear:left;\">expected long-term market price. The aggregate interest rate, including spread, thereby reflects the long-term interest rate </span><span style=\"display:inherit;clear:left;\">applicable to the Group\u2019s investments in the individual markets.</span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">The test for impairment of brands is performed using the relief from royalty method and is based on the expected future cash flows </span><span style=\"display:inherit;clear:left;\">generated from the royalty payments avoided for the individual brand for the next 10 years and projections for subsequent years. </span><span style=\"display:inherit;clear:left;\">The cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the </span><span style=\"display:inherit;clear:left;\">addition of a risk premium relevant to the individual market where cash flows are generated, cf. section<span class=\"_ _7\"></span> 2.3.2. For brands where </span><span style=\"display:inherit;clear:left;\">cash flows are generated in more than one market, the cash flows generated in secondary markets are adjusted for the inflationary </span><span style=\"display:inherit;clear:left;\">difference compared with the inflation in the main market before being discounted. </span><span style=\"display:inherit;clear:left;\">Key assumptions </span><span style=\"display:inherit;clear:left;\">The key assumptions on which management bases its cash flow projection include the expected useful life, revenue growth, a </span><span style=\"display:inherit;clear:left;\">theoretical tax amortisation benefit, the royalty, terminal growth rate and the discount rate. </span><span style=\"display:inherit;clear:left;\">Expected useful life </span><span style=\"display:inherit;clear:left;\">Management has assessed that the value of brands with indefinite useful life can be maintained for an indefinite period, as these </span><span style=\"display:inherit;clear:left;\">are well-established brands in their markets, having existed for decades or even centuries. The beer and soft drinks industries are </span><span style=\"display:inherit;clear:left;\">characterised as being very stable with consistent consumer demand and a predictable competitive environment, and are expected </span><span style=\"display:inherit;clear:left;\">to be profitable for the foreseeable future. Control of the brands is legally established and enforceable indefinitely. </span><span style=\"display:inherit;clear:left;\">In management\u2019s opinion, the risk of the useful life of these brands becoming finite is minimal because of their individual market </span><span style=\"display:inherit;clear:left;\">positions and because current and planned marketing initiatives including innovation and promotional activities for beer and soft </span><span style=\"display:inherit;clear:left;\">drinks are expected to sustain their useful life.</span><span style=\"display:inherit;clear:left;\">Revenue growth </span><span style=\"display:inherit;clear:left;\">At the time of acquisition of any individual brand, a revenue growth curve is forecast based on a long-term strategic view of the risk </span><span style=\"display:inherit;clear:left;\">and opportunities relevant to the brand. The curve is projected for a 10-year horizon. This horizon reliably reflects the lengthy </span><span style=\"display:inherit;clear:left;\">process of implementing brand strategies to support a brand occupying its intended place in the Group\u2019s portfolio. The forecast </span><span style=\"display:inherit;clear:left;\">period applied is comparable to the common term of the majority of licence agreements to which the Group is party. </span><span style=\"display:inherit;clear:left;\">In the local markets, the product portfolio usually consists of local power brands and international premium brands. Following the </span><span style=\"display:inherit;clear:left;\">acquisition of Britvic, the portfolio now also includes soft drinks brands, which requires consideration of non-alcoholic beverage </span><span style=\"display:inherit;clear:left;\">market dynamics such as health trends, sugar regulations and category innovation. When projecting revenue growth for local </span><span style=\"display:inherit;clear:left;\">brands, in addition to their commercial strength \u2013 such as market share and segment position \u2013 the forecast takes into </span><span style=\"display:inherit;clear:left;\">consideration the demographics of the primary markets, including expected developments in population, consumption levels, </span><span style=\"display:inherit;clear:left;\">generation-shift patterns, rate of urbanisation, soft drinks and beer market maturity, level of premiumisation, circumstances </span><span style=\"display:inherit;clear:left;\">generally limiting the growth opportunities for alcoholic beverages and soft drinks etc. </span><span style=\"display:inherit;clear:left;\">For<span class=\"_ _7\"></span> bran<span class=\"_ _7\"></span>ds w<span class=\"_ _7\"></span>ith g<span class=\"_ _7\"></span>loba<span class=\"_ _7\"></span>l or <span class=\"_ _7\"></span>regi<span class=\"_ _7\"></span>onal <span class=\"_ _7\"></span>pres<span class=\"_ _7\"></span>ence<span class=\"_ _7\"></span>, enh<span class=\"_ _7\"></span>ance<span class=\"_ _7\"></span>d inv<span class=\"_ _7\"></span>estm<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> in p<span class=\"_ _7\"></span>rodu<span class=\"_ _7\"></span>ct de<span class=\"_ _7\"></span>velo<span class=\"_ _7\"></span>pmen<span class=\"_ _7\"></span>t and<span class=\"_ _7\"></span> mar<span class=\"_ _7\"></span>keti<span class=\"_ _7\"></span>ng ar<span class=\"_ _7\"></span>e ex<span class=\"_ _7\"></span>pect<span class=\"_ _7\"></span>ed. T<span class=\"_ _7\"></span>he e<span class=\"_ _7\"></span>xpec<span class=\"_ _7\"></span>ted </span><span style=\"display:inherit;clear:left;\">gro<span class=\"_ _7\"></span>wth r<span class=\"_ _7\"></span>ate <span class=\"_ _7\"></span>for <span class=\"_ _7\"></span>these<span class=\"_ _7\"></span> bra<span class=\"_ _7\"></span>nds i<span class=\"_ _7\"></span>s ge<span class=\"_ _7\"></span>neral<span class=\"_ _7\"></span>ly h<span class=\"_ _7\"></span>ighe<span class=\"_ _7\"></span>r tha<span class=\"_ _7\"></span>n fo<span class=\"_ _7\"></span>r mor<span class=\"_ _7\"></span>e lo<span class=\"_ _7\"></span>calis<span class=\"_ _7\"></span>ed b<span class=\"_ _7\"></span>rands<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> is u<span class=\"_ _7\"></span>sual<span class=\"_ _7\"></span>ly hi<span class=\"_ _7\"></span>ghes<span class=\"_ _7\"></span>t ear<span class=\"_ _7\"></span>ly i<span class=\"_ _7\"></span>n th<span class=\"_ _7\"></span>e 10-<span class=\"_ _7\"></span>year<span class=\"_ _7\"></span> per<span class=\"_ _7\"></span>iod. </span><span style=\"display:inherit;clear:left;\">Depending on the nominal growth expectations for the individual brand, the revenue growth in individual years may be above, </span><span style=\"display:inherit;clear:left;\">equal to or below the forecast inflation level in the markets where the brand is present. </span><span style=\"display:inherit;clear:left;\">When preparing budgets, consideration is given to events or circumstances that are relevant to reliably projecting the short-term </span><span style=\"display:inherit;clear:left;\">performance of each brand. Examples include significant campaign activities and changes in excise duties etc., which may have a </span><span style=\"display:inherit;clear:left;\">short-term impact but are non-recurring and quickly absorbed by the business. Since the impact is not material to the long-term </span><span style=\"display:inherit;clear:left;\">projections, it is not taken into consideration when estimating the long-term and terminal period growth rates. Please refer to the </span><span style=\"display:inherit;clear:left;\">description of the impact of increases in excise duties in the description of sales prices in section<span class=\"_ _7\"></span> 2.3.2. </span><span style=\"display:inherit;clear:left;\">Tax benefit </span><span style=\"display:inherit;clear:left;\">The theoretical tax benefit applied in the test uses tax rates and amortisation periods based on current legislation. The impairment </span><span style=\"display:inherit;clear:left;\">test applies tax rates in the range of 15-34% and amortisation periods of 5-25 years.</span><span style=\"display:inherit;clear:left;\">Royalty rate</span><span style=\"display:inherit;clear:left;\">Royalties generated by a brand are based on the Group\u2019s total income from the brand and are earned globally, i.e. the income is </span><span style=\"display:inherit;clear:left;\">also earned outside the CGU that owns the brand. If external licence agreements for the brand already exist, the market terms of </span><span style=\"display:inherit;clear:left;\">such agreements are taken into consideration when assessing the royalty rate that the brand is expected to generate in a </span><span style=\"display:inherit;clear:left;\">transaction with independent parties. The royalty rate is based on the actual market position of the individual brand in the global, </span><span style=\"display:inherit;clear:left;\">regional and local markets, and assumes a 10-year horizon. This term is common to the beverage industry when licensing brands.</span><span style=\"display:inherit;clear:left;\">Royalty rates</span><span style=\"display:inherit;clear:left;position:relative;height:46.671875px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0019531px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International, premium and speciality products</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 486.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.5-7.5%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 18.002px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Strong regional and national brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 530.835px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0-6.0%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 34.6738px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Local and mainstream brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 561.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0-3.5%</span></span></span><span style=\"display:inherit;clear:left;\">Identification of cash-generating units </span><span style=\"display:inherit;clear:left;\">The Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional </span><span style=\"display:inherit;clear:left;\">managements responsible for performance, operating investments and growth initiatives in their respective regions. </span><span style=\"display:inherit;clear:left;\">There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations </span><span style=\"display:inherit;clear:left;\">across the Group or within regions. </span><span style=\"display:inherit;clear:left;\">Assets, ot<span class=\"_ _7\"></span>her than good<span class=\"_ _7\"></span>will and brand<span class=\"_ _7\"></span>s with regiona<span class=\"_ _7\"></span>l and global pr<span class=\"_ _7\"></span>esence, are al<span class=\"_ _7\"></span>located to ind<span class=\"_ _7\"></span>ividual cash-g<span class=\"_ _7\"></span>enerating uni<span class=\"_ _7\"></span>ts (CGUs), </span><span style=\"display:inherit;clear:left;\">being the<span class=\"_ _7\"></span> level at whic<span class=\"_ _7\"></span>h the assets ge<span class=\"_ _7\"></span>nerate largely<span class=\"_ _7\"></span> independent <span class=\"_ _7\"></span>cash inflows. <span class=\"_ _7\"></span>As the Group <span class=\"_ _7\"></span>operates with <span class=\"_ _7\"></span>local sales and<span class=\"_ _7\"></span> production </span><span style=\"display:inherit;clear:left;\">organisat<span class=\"_ _7\"></span>ions, the cash<span class=\"_ _7\"></span> inflows are m<span class=\"_ _7\"></span>ostly generat<span class=\"_ _7\"></span>ed locally, an<span class=\"_ _7\"></span>d the CGUs are<span class=\"_ _7\"></span> therefore us<span class=\"_ _7\"></span>ually identifi<span class=\"_ _7\"></span>ed at country<span class=\"_ _7\"></span> level. </span><span style=\"display:inherit;clear:left;\">The determination of CGU allocation is made, and cash inflows are assessed in connection with the purchase price allocation, within </span><span style=\"display:inherit;clear:left;\">12 months from the date of acquisition. </span><span style=\"display:inherit;clear:left;\">Goodwill </span><span style=\"display:inherit;clear:left;\">Goodwill does not generate largely independent cash inflows on its own and is therefore allocated to the Group\u2019s geographical </span><span style=\"display:inherit;clear:left;\">segments, which is the level at which it is monitored for internal management purposes. </span><span style=\"display:inherit;clear:left;\">At the time of acquisition of entities, goodwill is allocated to a CGU. The structure and groups of CGUs are reassessed every year. </span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">Cash flows for brands are separately identifiable and brands are therefore tested individually for impairment. This test is performed </span><span style=\"display:inherit;clear:left;\">in addition to the test for impairment of goodwill. </span><span style=\"display:inherit;clear:left;\">Corporate assets </span><span style=\"display:inherit;clear:left;\">The Group has identified capitalised software relating to the Group\u2019s ERP systems as corporate assets, and as such these are </span><span style=\"display:inherit;clear:left;\">peripheral to the generation of cash inflows. The Group\u2019s ERP landscape is closely linked to the internal management structure, and </span><span style=\"display:inherit;clear:left;\">the identified assets are therefore tested for impairment at the CGU level to which goodwill is allocated. </span><span style=\"display:inherit;clear:left;\">Other non-current assets </span><span style=\"display:inherit;clear:left;\">Other non\u2011current assets are tested for impairment when indications of impairment exist. </span><span style=\"display:inherit;clear:left;\">For property, plant and equipment, management performs an annual assessment of the assets\u2019 future application, for example in </span><span style=\"display:inherit;clear:left;\">relation to changes in production structure, restructurings or brewery closures.</span><span style=\"display:inherit;clear:left;\">The impairment assessment also covers brands with finite useful life, customer relationships and licence agreements recognised as </span><span style=\"display:inherit;clear:left;\">intangible assets. Indicators of impairment include decreases in revenue or margins, loss of significant customers, market declines, </span><span style=\"display:inherit;clear:left;\">and increased cost pressures that suggest that the carrying amount may not be recoverable. Where such indications are identified, </span><span style=\"display:inherit;clear:left;\">the recoverable amount is estimated and an impairment loss is recognised if the carrying amount exceeds the recoverable amount.</span><span style=\"display:inherit;clear:left;\">Other non-current assets are tested for impairment when indications of impairment exist. </span><span style=\"display:inherit;clear:left;\">Key considerations in impairment tests</span><span style=\"display:inherit;clear:left;position:relative;height:99.7734375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 393.938px; top: 0.0097656px; width: 197.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.387px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.1582px; width: 633.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CGU level of test</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Geographical segment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Individual brand</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 37.1582px; width: 699.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Method to estimate recoverable amount</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Value in use</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value less cost of disposal</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.1582px; width: 552.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Method to estimate present value of future cash flows</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.826px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Traditional approach: single most </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 560.141px; top: 55.1582px; width: 157.137px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Traditional approach: single most </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 393.938px; top: 68.6582px; width: 101.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">likely future cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 560.141px; top: 68.6582px; width: 101.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">likely future cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 87.7832px; width: 643.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discount rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Risk-adjusted rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Risk-adjusted rate</span></span></span><span style=\"display:inherit;clear:left;\">For investments in associates, examples of indications of impairment are loss-making activities or significant changes in the </span><span style=\"display:inherit;clear:left;\">business environment.</span><span style=\"display:inherit;clear:left;\">Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the </span><span style=\"display:inherit;clear:left;\">year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the </span><span style=\"display:inherit;clear:left;\">level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be </span><span style=\"display:inherit;clear:left;\">recoverable. If an asset\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable </span><span style=\"display:inherit;clear:left;\">amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. </span><span style=\"display:inherit;clear:left;\">For all assets, the recoverable amount is assessed based on budget and target plan with reference to the expected future net cash </span><span style=\"display:inherit;clear:left;\">flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted </span><span style=\"display:inherit;clear:left;\">by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied. </span><span style=\"display:inherit;clear:left;\">Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and </span><span style=\"display:inherit;clear:left;\">losses arising on significant restructurings of processes and structural adjustments are recognised in special items. Minor losses are </span><span style=\"display:inherit;clear:left;\">recognised in the income statement in the relevant line item. </span><span style=\"display:inherit;clear:left;\">Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and </span><span style=\"display:inherit;clear:left;\">estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount </span><span style=\"display:inherit;clear:left;\">does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.</span><span style=\"display:inherit;clear:left;\">2.3.4 Sensitivity tests</span><span style=\"display:inherit;clear:left;\">Sensitivity tests have been performed to determine the lowest forecast and terminal period growth rates and/or highest discount </span><span style=\"display:inherit;clear:left;\">rates that can occur in the groups of CGUs and brands with indefinite useful life without leading to any impairment loss. </span><span style=\"display:inherit;clear:left;\">Goodwill</span><span style=\"display:inherit;clear:left;\">The test for impairment of goodwill did not identify any CGUs or groups of CGUs to which goodwill is allocated where a reasonably </span><span style=\"display:inherit;clear:left;\">possible negative change in a key assumption would cause the carrying amount to exceed the recoverable amount<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">Following the acquisition of the Britvic Group, purchase price allocation was performed in accordance with IFRS 3. The allocation </span><span style=\"display:inherit;clear:left;\">resulted in recognition of brands, valued at DKK 3,755m for the UK, Ireland, France and Brazil. These valuations reflect inherent </span><span style=\"display:inherit;clear:left;\">sensitivity to assumptions such as royalty rates, discount rates (WACC) and long-term growth, and will be subject to annual </span><span style=\"display:inherit;clear:left;\">impairment testing. These brands are sensitive to reasonably possible negative changes in key assumptions. A reasonably possible </span><span style=\"display:inherit;clear:left;\">negative change in a key assumption would also cause the carrying amount of brands written down during the year or in previous </span><span style=\"display:inherit;clear:left;\">years to exceed the recoverable amount. However, management considers the risk of a significant write-down on these brands to be </span><span style=\"display:inherit;clear:left;\">low.</span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;\">The key assumptions relevant to the assessment of the recoverable amount are:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Useful life </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Revenue growth</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Royalty rate </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Discount rate</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Terminal growth rate</span><span style=\"display:inherit;clear:left;\">The assumptions for volume and price are closely linked, which, together with the presence of multiple sub-brands in various </span><span style=\"display:inherit;clear:left;\">geographies within each brand, makes individual sensitivity testing based on these two assumptions highly impractical. Instead, </span><span style=\"display:inherit;clear:left;\">sensitivity testing is performed for the overall revenue growth rate, in both the forecast period and the terminal period.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__73-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 2.2  </span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment</span><span style=\"display:inherit;clear:left;position:relative;height:495.9765625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1519.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 583.864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 395.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 666.578px; top: 34.9941px; width: 67.8633px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contract- and </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 651px; top: 48.4941px; width: 83.8477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">customer-related </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 619.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 440.719px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.094px; top: 61.9941px; width: 29.2969px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 79.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 95.752px; width: 140.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 95.8613px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 821.109px; top: 95.752px; width: 697.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 98.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 477.969px; top: 112.627px; width: 141.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">19,458</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,436</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 706.875px; top: 112.736px; width: 25.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">9,330</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 112.627px; width: 689.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">170</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,394</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,268</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,925</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">465</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,658</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,052</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 177.551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 129.502px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 129.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 129.502px; width: 691.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">657</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,076</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,276</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,261</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,613</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,270</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 146.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 146.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 831.422px; top: 146.377px; width: 688.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-111</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-216</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-274</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,576</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,066</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,179</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 163.252px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 163.361px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 163.252px; width: 679.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">418</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">338</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-240</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 180.127px; width: 1016.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 197.002px; width: 1036.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-488</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,434</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-539</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,022</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,570</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.869px; width: 95.9941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 479.25px; top: 213.76px; width: 1040px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">61,561</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,080</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,031</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92,420</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,149</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,399</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,271</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74,819</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">167,239</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 247.619px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.611px; width: 286.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 264.502px; width: 137.203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 264.611px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 820.094px; top: 264.502px; width: 699.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 43.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 281.377px; width: 116.303px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 281.486px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 281.377px; width: 693.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-284</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,775</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,884</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 138.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 298.252px; width: 116.385px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 298.361px; width: 16.1836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">574</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 825.75px; top: 298.252px; width: 692.584px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">943</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">911</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,565</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 83.6895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 315.127px; width: 116.473px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 315.236px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 835.078px; top: 315.127px; width: 683.549px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">290</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">513</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 137.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 332.002px; width: 1016.54px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.82px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 42.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 348.877px; width: 116.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 727.812px; top: 348.986px; width: 4.00195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 839.312px; top: 348.877px; width: 678.973px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-68</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 124.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 502.812px; top: 365.752px; width: 1016.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 159.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 490.844px; top: 382.627px; width: 128.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 717.578px; top: 382.736px; width: 13.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 828.703px; top: 382.627px; width: 690.357px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-382</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-498</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-349</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-975</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,357</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.494px; width: 307.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 399.385px; width: 1037.32px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,435</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,953</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,189</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,696</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,039</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51,228</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 153.557px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 474.594px; top: 416.26px; width: 1044.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,467</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,795</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">83,231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,956</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,249</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,575</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,780</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">116,011</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 450.119px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 467.111px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">279</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">626</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 351.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,811</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">827</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,712</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:512.8515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 1518.88px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 640.091px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 338.613px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset base</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 818.219px; top: 34.9941px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 798.125px; top: 48.4941px; width: 49.3125px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">intangible </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1212.38px; top: 48.4941px; width: 84.6562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other equipment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 61.9941px; width: 731.701px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 553.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 814.875px; top: 61.9941px; width: 366.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 24.4043px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Land and buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 15.5332px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Plant and machinery</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 1203.14px; top: 61.9941px; width: 316.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">fixtures and fittings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 20.9707px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 95.8613px; width: 1519.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 511.237px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,982</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,852</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57,455</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18,453</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,571</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60,668</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">118,123</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.736px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 498.517px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,954</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,104</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,218</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 1519.18px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 437.49px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">364</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,843</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,207</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 1518.97px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 415.095px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-205</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-219</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-49</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-180</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 1519.17px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,376</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,697</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,803</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 1519.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-788</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">121</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 1519.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 470.471px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,680</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,792</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">405</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">907</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">596</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,908</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,700</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.986px; width: 1519.21px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 442.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">564</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">124</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">733</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">201</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">366</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,099</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.744px; width: 1519.14px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,614</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,916</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">66,963</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128,879</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.494px; width: 232.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,306</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,769</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,482</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,595</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,186</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36,263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44,618</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.361px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposal and deconsolidation of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 315.236px; width: 1519.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Disposals</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 571.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-45</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-123</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-169</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,267</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,559</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,665</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 332.111px; width: 1519.28px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">190</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">800</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,339</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,998</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 348.986px; width: 1519.06px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 531.862px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">261</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 365.861px; width: 1519.36px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transfers</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.115px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 382.736px; width: 1518.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 490.721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">459</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">352</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">920</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 399.611px; width: 1519.24px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">295</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 416.369px; width: 1519.05px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation, depreciation and impairment losses at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 285.158px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,356</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,439</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,740</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,325</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48,650</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 433.244px; width: 1519.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.971px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,258</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,695</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,223</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">53,176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,846</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,054</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,053</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">80,229</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 466.994px; width: 208.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets included at 31 December</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 483.986px; width: 1519.19px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation and depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">273</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">294</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">593</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 500.861px; width: 1519px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying amount at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 463.909px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,275</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">661</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,048</span></span></span><span style=\"display:inherit;clear:left;\">Property, plant and equipment under construction amounted to DKK 2,614m<span class=\"_ _7\"></span> (2024: DKK 1,826m). Property, plant and equipment </span><span style=\"display:inherit;clear:left;\">under construction are recognised in plant and machinery until completion. O<span class=\"_ _7\"></span>ther equipment, fixtures and fittings include transport, </span><span style=\"display:inherit;clear:left;\">office and draught beer equipment, fridges and returnable packaging materials.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Other intangible assets include software, land use rights and beer delivery rights.</span></span> </span><span style=\"display:inherit;clear:left;\">Capital expenditure</span><span style=\"display:inherit;clear:left;position:relative;height:132.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions, including right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.92px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,270</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,207</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Less right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,175</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-968</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 554.872px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,095</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,239</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additions payable at the end of the reporting period</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.984px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-492</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-196</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised depreciation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 484.793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-12</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 288.703px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,592</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,030</span></span></span><span style=\"display:inherit;clear:left;\">Amortisation, depreciation and impairment losses</span><span style=\"display:inherit;clear:left;position:relative;height:120.484375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 365.734px; top: 0.0097656px; width: 336.316px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.615px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,831</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,521</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Administrative expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 275.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">73</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">328</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 329.42px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">98</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">421</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">93</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.119px; width: 739.664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 358.037px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">940</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">355</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,006</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,233</span></span></span><span style=\"display:inherit;clear:left;\">Gain/loss on disposal of assets</span><span style=\"display:inherit;clear:left;position:relative;height:65.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gain on disposal of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 280.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Loss on disposal of property, plant and equipment and intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 281.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-36</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-56</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 589.507px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">84</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span></span></span><span style=\"display:inherit;clear:left;\">Cash flow from disposal of property, plant and equipment and intangible assets was DKK<span class=\"_ _7\"></span> 106m (2024: DKK 85m).</span><span style=\"display:inherit;clear:left;\">Right-of-use assets </span><span style=\"display:inherit;clear:left;\">The Group leases various properties and warehouses, production equipment, cars and trucks. Leases are negotiated on an individual </span><span style=\"display:inherit;clear:left;\">basis and contain a wide range of different terms and conditions.</span><span style=\"display:inherit;clear:left;\">At 31 December 2025, the carrying amount of right-of-use assets was DKK 2,712m<span class=\"_ _7\"></span> (2024: DKK 2,048m). During the year, additions </span><span style=\"display:inherit;clear:left;\">amounted to DKK 1,175m, of which DKK 665m is related to Britvic (2024: DKK 968m), and depreciation amounted to D<span class=\"_ _7\"></span>KK 626m </span><span style=\"display:inherit;clear:left;\">(2024: DKK 593m).</span><span style=\"display:inherit;clear:left;\">Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to DKK </span><span style=\"display:inherit;clear:left;\">63m (2024: DKK 54m). Such contracts usually comprise the lease of copy and printing machines, coffee machines, small IT devices </span><span style=\"display:inherit;clear:left;\">and similar equipment.</span><span style=\"display:inherit;clear:left;\">For disclosures of interest expenses, cash flow and lease liabilities, please refer to sections<span class=\"_ _7\"></span> 4.4 and 4.7.1.</span><span style=\"display:inherit;clear:left;\">Capital commitments </span><span style=\"display:inherit;clear:left;\">The Group<span class=\"_ _7\"></span> has entered <span class=\"_ _7\"></span>into various c<span class=\"_ _7\"></span>apital commitm<span class=\"_ _7\"></span>ents that wil<span class=\"_ _7\"></span>l not take eff<span class=\"_ _7\"></span>ect until aft<span class=\"_ _7\"></span>er the report<span class=\"_ _7\"></span>ing date and h<span class=\"_ _7\"></span>ave therefore<span class=\"_ _7\"></span> not </span><span style=\"display:inherit;clear:left;\">been reco<span class=\"_ _7\"></span>gnised in the <span class=\"_ _7\"></span>consolidated fi<span class=\"_ _7\"></span>nancial state<span class=\"_ _7\"></span>ments. Capital<span class=\"_ _7\"></span> commitments <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>2025 amount<span class=\"_ _7\"></span>ed to DKK 21<span class=\"_ _7\"></span>0m (2024: DK<span class=\"_ _7\"></span>K 173m).</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">Useful life and residual value of intangible assets with finite useful life and property, </span><span style=\"display:inherit;clear:left;\">plant and equipment </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are initially assessed in both acquisitions and business combinations. </span><span style=\"display:inherit;clear:left;\">Management assesses brands and property, plant and equipment for changes in useful life. If an indication of a reduction in the </span><span style=\"display:inherit;clear:left;\">value or useful life exists, such as changes in production structure, restructuring or brewery closures, the asset is tested for </span><span style=\"display:inherit;clear:left;\">impairment. If necessary, the asset is written down or the amortisation/depreciation period is reassessed and, if necessary, adjusted </span><span style=\"display:inherit;clear:left;\">in line with the asset\u2019s changed useful life. When changing the amortisation or depreciation period due to a change in the useful life, </span><span style=\"display:inherit;clear:left;\">the effect on amortisation/depreciation is recognised prospectively as a change in accounting estimates.</span><span style=\"display:inherit;clear:left;\">Management assesses the local business model to determine whether the Group has a legal or constructive obligation to accept </span><span style=\"display:inherit;clear:left;\">returns of packaging materials from the market and the level of control. </span><span style=\"display:inherit;clear:left;\">This entails the Group considering, among other things, the return rate and the annual circulation in the individual markets. These </span><span style=\"display:inherit;clear:left;\">factors are assessed annually. Returnable packaging materials controlled by the Group are capitalised as property, plant and </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">equipment and depreciated over the expected useful life.</span></span> </span><span style=\"display:inherit;clear:left;\">Lease and service contracts </span><span style=\"display:inherit;clear:left;\">At inception of a contract, management assesses whether the contract is or contains a lease. Management considers the substance </span><span style=\"display:inherit;clear:left;\">of any service being rendered to classify the arrangement as either a lease or a service contract. Particular importance is attached </span><span style=\"display:inherit;clear:left;\">to whether fulfilment of the contract depends on the use of specific assets. The assessment involves judgement as to whether the </span><span style=\"display:inherit;clear:left;\">Group obtains substantially all the economic benefits from the use of the specified asset and whether it has the right to direct how </span><span style=\"display:inherit;clear:left;\">and for what purpose the asset is used. If these criteria are satisfied at the commencement date, a right-of-use asset and a lease </span><span style=\"display:inherit;clear:left;\">liability are recognised in the statement of financial position. </span><span style=\"display:inherit;clear:left;\">In determining the lease term, management considers all the facts and circumstances that create an economic incentive to exercise </span><span style=\"display:inherit;clear:left;\">an extension or termination option. Extension or termination options are only included in the lease term if the lease is reasonably </span><span style=\"display:inherit;clear:left;\">certain to be extended or not terminated. The term is reassessed if a significant change in circumstances occurs. The assessment of </span><span style=\"display:inherit;clear:left;\">purchase options follows the same principles as those applied for extension options. </span><span style=\"display:inherit;clear:left;\">The lease payment for cars and trucks often includes costs of service and insurance. If these costs are not objectively assessable, </span><span style=\"display:inherit;clear:left;\">the Group estimates the costs when separating the service component from the lease.</span><span style=\"display:inherit;clear:left;\">Accounting policies<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Cost<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less </span><span style=\"display:inherit;clear:left;\">accumulated amortisation or depreciation and impairment losses. </span><span style=\"display:inherit;clear:left;\">Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. </span><span style=\"display:inherit;clear:left;\">The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-</span><span style=\"display:inherit;clear:left;\">out dependent on the brands\u2019 future performance. </span><span style=\"display:inherit;clear:left;\">The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, </span><span style=\"display:inherit;clear:left;\">and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset, and is included in </span><span style=\"display:inherit;clear:left;\">plant and machinery. </span><span style=\"display:inherit;clear:left;\">Research and development costs are recognised in the income statement as incurred. Development costs of intangible assets, for </span><span style=\"display:inherit;clear:left;\">example software, are recognised as other intangible assets if the costs are expected to generate future economic benefits. </span><span style=\"display:inherit;clear:left;\">For assets acquired in business combinations, including brands and property, plant and equipment, cost at initial recognition is </span><span style=\"display:inherit;clear:left;\">determined by estimating the fair value of the individual assets in the purchase price allocation. </span><span style=\"display:inherit;clear:left;\">Goodwill is only acquired in business combinations and is measured in the purchase price allocation. Goodwill is not amortised but </span><span style=\"display:inherit;clear:left;\">is subject to an annual impairment test, cf. section 2.3. </span><span style=\"display:inherit;clear:left;\">Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">separate items</span></span>. </span><span style=\"display:inherit;clear:left;\">Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in </span><span style=\"display:inherit;clear:left;\">the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced </span><span style=\"display:inherit;clear:left;\">components are derecognised from the statement of financial position and recognised as an expense in the income statement. </span><span style=\"display:inherit;clear:left;\">Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. </span><span style=\"display:inherit;clear:left;\">Useful life, amortisation, depreciation and impairment losses </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the </span><span style=\"display:inherit;clear:left;\">carrying amount, depreciation is discontinued. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account </span><span style=\"display:inherit;clear:left;\">any residual value. The expected useful life and residual value are determined based on past experience and expectations of the </span><span style=\"display:inherit;clear:left;\">future use of assets. </span><span style=\"display:inherit;clear:left;\">Depreciation is calculated on the basis of the cost less the residual value and impairment losses. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses </span><span style=\"display:inherit;clear:left;\">depending on the use of the asset. </span><span style=\"display:inherit;clear:left;\">The expected useful life is as follows:</span><span style=\"display:inherit;clear:left;position:relative;height:261px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 725.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Software</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">N</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">or</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">mal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ly </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">up-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">wid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">e s</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ys</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ms </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">de</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lop</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">s a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">n </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">in</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">teg</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ra</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">d p</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">t </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">of </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">a </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ma</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">jor</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> b</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">us</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ss</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> d</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">eve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lo</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">pm</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ent</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 255.922px; top: 13.627px; width: 97.6406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">pr</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">og</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ram</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">me</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">: </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5-7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.6348px; width: 679.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Delivery rights</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.06px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract; if no contract term has been agreed, normally not exceeding 5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.6348px; width: 694.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Customer relationships</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the customer; if no contract exists, normally not exceeding 15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.6348px; width: 438.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Licence agreements</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the licensor</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.6348px; width: 329.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Land</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 232.201px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not depreciated</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 104.635px; width: 311.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20-40 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.635px; width: 291.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.635px; width: 291.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brewery equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.635px; width: 302.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Filling and bottling equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.855px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8-15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.635px; width: 289.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations in warehouses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 194.635px; width: 288.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade and distribution equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.635px; width: 299.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixtures and fittings, other plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5-8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.635px; width: 297.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hardware</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.635px; width: 302.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-10 years</span></span></span></span><span style=\"display:inherit;clear:left;\">Impairment </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Impairment losses of a non-recurring nature are recognised under special items.</span></span> </span><span style=\"display:inherit;clear:left;\">Leases</span><span style=\"display:inherit;clear:left;\">At the commencement date, the Group recognises a lease liability and a corresponding right-of-use asset at the same amount, </span><span style=\"display:inherit;clear:left;\">except for short-term leases of 12 months or less and leases of low-value assets, which are not recognised. </span><span style=\"display:inherit;clear:left;\">A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease </span><span style=\"display:inherit;clear:left;\">incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a </span><span style=\"display:inherit;clear:left;\">portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars </span><span style=\"display:inherit;clear:left;\">and trucks. </span><span style=\"display:inherit;clear:left;\">Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement </span><span style=\"display:inherit;clear:left;\">of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The </span><span style=\"display:inherit;clear:left;\">impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. </span><span style=\"display:inherit;clear:left;\">section\ue7fe2.3. </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Right-of-use assets are recognised as property, plant and equipment.</span></span> </span><span style=\"display:inherit;clear:left;\">Government grants and other funding</span><span style=\"display:inherit;clear:left;\">Grants and funding received for the acquisition of assets and development projects are recognised in the statement of financial </span><span style=\"display:inherit;clear:left;\">position by deducting the grant from the carrying amount of the asset. The grant is recognised in the income statement over the </span><span style=\"display:inherit;clear:left;\">life of the asset as a reduced depreciation charge.</span><span style=\"display:inherit;clear:left;\">Section 2.3</span><span style=\"display:inherit;clear:left;\">Impairment</span><span style=\"display:inherit;clear:left;\">2.3.1 Recognised impairments</span><span style=\"display:inherit;clear:left;\">The Group has performed impairment tests for goodwill and intangible assets acquired through the acquisition of Britvic as well as </span><span style=\"display:inherit;clear:left;\">for existing goodwill and brands with indefinite useful life at the reporting date. </span><span style=\"display:inherit;clear:left;\">Impairment tests 2025</span><span style=\"display:inherit;clear:left;\">The impairment tests prepared at 31 December 2025 did not identify any indication of impairment of goodwill. </span><span style=\"display:inherit;clear:left;\">The Group recognised an impairment loss of DKK 85m on a local brand with indefinite useful life in the Central &amp; Eastern Europe </span><span style=\"display:inherit;clear:left;\">and India region. In addition, impairment losses of DKK 475m, primarily related to Western Europe, were recognised mainly on </span><span style=\"display:inherit;clear:left;\">property, plant and equipment, including right-of-use assets. These were all recognised in special items. In China, impairment </span><span style=\"display:inherit;clear:left;\">amounting to DKK 100m related to land use rights was reversed.</span><span style=\"display:inherit;clear:left;\">Impairment of non-current assets</span><span style=\"display:inherit;clear:left;position:relative;height:301.3515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.9434px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 355.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 388.166px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.0059px; width: 739.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.054px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 143.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Plant, machinery and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.506px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.399px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 116.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other non-current assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 445.305px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.705px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">66</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 240.881px; width: 739.828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 474.446px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">460</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Of which recognised in special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 337.869px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">560</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">284</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 291.236px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment, discontinued operation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 279.592px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5.3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,258</span></span></span><span style=\"display:inherit;clear:left;\">Impairment tests 2024</span><span style=\"display:inherit;clear:left;\">In 2024, the Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, </span><span style=\"display:inherit;clear:left;\">impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment, of which DKK 93m was recognised in special items. In Asia, impairment losses of DKK 66m were recognised on </span><span style=\"display:inherit;clear:left;\">financial assets. </span><span style=\"display:inherit;clear:left;\">Reversal of impairment </span><span style=\"display:inherit;clear:left;\">Following the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to </span><span style=\"display:inherit;clear:left;\">the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The </span><span style=\"display:inherit;clear:left;\">disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods<span class=\"_ _7\"></span> in net </span><span style=\"display:inherit;clear:left;\">result from discontinued operations, cf. section 5.3.</span><span style=\"display:inherit;clear:left;\">2.3.3 Impairment test of brands</span><span style=\"display:inherit;clear:left;\">Brands with indefinite useful life</span><span style=\"display:inherit;clear:left;position:relative;height:198.49609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.4863px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.55px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 34.3613px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg 1664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 520.624px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,954</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,952</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 51.2363px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 556.414px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,333</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.1113px; width: 739.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Robinsons</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 559.612px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,415</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 87.1309px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Significant brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 516.064px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,606</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,285</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 101.861px; width: 739.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 528.007px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,926</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">694</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 118.736px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.763px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">419</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 135.611px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.041px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">995</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,110</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 152.486px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not allocated</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 547.252px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">945</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.506px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 538.834px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,285</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,226</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 188.381px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 539.291px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,891</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,511</span></span></span><span style=\"display:inherit;clear:left;\">Brands with indefinite useful life that are individually material to the Group comprise International brands (acquired 2004), </span><span style=\"display:inherit;clear:left;\">Kronenbourg 1664 (acquired 2008), Chongqing (acquired 2013) and Robinsons (acquired 2025). International brands is a group of </span><span style=\"display:inherit;clear:left;\">brands acquired with the 40% non-controlling interest in Carlsberg Breweries A/S and allocated to Western Europe.</span><span style=\"display:inherit;clear:left;\">In 2025, significant brands represented 59% (2024: 66%) of the total carrying amount of brands with indefinite useful life<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">Other brands comprise a total of 26 brands (2024: 20 brands) that are not individually material compared with the total carrying </span><span style=\"display:inherit;clear:left;\">amount, including the newly acquired brands from the Britvic Group.</span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;position:relative;height:186.4921875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 362.891px; top: 0.0097656px; width: 42.0996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 472.891px; top: 0.0097656px; width: 44.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Terminal </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 592.094px; top: 0.0097656px; width: 38.0742px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Pre-tax </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.344px; top: 0.0097656px; width: 43.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Post-tax </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 13.5098px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 328.875px; top: 13.5098px; width: 73.4062px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">revenue growth</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 448.797px; top: 13.5098px; width: 65.8594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">period growth</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 566.875px; top: 13.5098px; width: 61.084px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">discount rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 13.5098px; width: 61.084px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">discount rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.988px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.4%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.734px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg 1664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.7%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">.1%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Robinsons</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.8%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.76px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.752px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.988px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.2%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 157.627px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg 1664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.7%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.3%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 174.502px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 330.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.7%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.2%</span></span></span><span style=\"display:inherit;clear:left;\">Impairment of brands</span><span style=\"display:inherit;clear:left;\">Central &amp; Eastern Europe and India</span><span style=\"display:inherit;clear:left;\">In 2025, brand impairment losses totalling DKK 85m were recognised on a local Lithuanian mainstream brand. The impairment is the </span><span style=\"display:inherit;clear:left;\">result of the local beer market being generally subdued, impacted among other things by poor weather and local economic </span><span style=\"display:inherit;clear:left;\">slowdown due to war perception.</span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2024. </span><span style=\"display:inherit;clear:left;\">Western Europe</span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2025. </span><span style=\"display:inherit;clear:left;\">In 2024, total impairment losses of DKK 125m were recognised on various local and regional brands. These reflected a long-term </span><span style=\"display:inherit;clear:left;\">decline within the ale category in the UK due to changing consumer preferences, while in Germany the market showed a decline in </span><span style=\"display:inherit;clear:left;\">volumes because of the industry as a whole having been hit hard by inflation, with high raw material and logistics costs.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Asia</span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2025 or 2024.</span><span style=\"display:inherit;clear:left;\">Non-allocated </span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2025 or 2024.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">The test for impairment of brands is performed using the relief from royalty method and is based on the expected future cash flows </span><span style=\"display:inherit;clear:left;\">generated from the royalty payments avoided for the individual brand for the next 10 years and projections for subsequent years. </span><span style=\"display:inherit;clear:left;\">The cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the </span><span style=\"display:inherit;clear:left;\">addition of a risk premium relevant to the individual market where cash flows are generated, cf. section<span class=\"_ _7\"></span> 2.3.2. For brands where </span><span style=\"display:inherit;clear:left;\">cash flows are generated in more than one market, the cash flows generated in secondary markets are adjusted for the inflationary </span><span style=\"display:inherit;clear:left;\">difference compared with the inflation in the main market before being discounted. </span><span style=\"display:inherit;clear:left;\">Key assumptions </span><span style=\"display:inherit;clear:left;\">The key assumptions on which management bases its cash flow projection include the expected useful life, revenue growth, a </span><span style=\"display:inherit;clear:left;\">theoretical tax amortisation benefit, the royalty, terminal growth rate and the discount rate. </span><span style=\"display:inherit;clear:left;\">Expected useful life </span><span style=\"display:inherit;clear:left;\">Management has assessed that the value of brands with indefinite useful life can be maintained for an indefinite period, as these </span><span style=\"display:inherit;clear:left;\">are well-established brands in their markets, having existed for decades or even centuries. The beer and soft drinks industries are </span><span style=\"display:inherit;clear:left;\">characterised as being very stable with consistent consumer demand and a predictable competitive environment, and are expected </span><span style=\"display:inherit;clear:left;\">to be profitable for the foreseeable future. Control of the brands is legally established and enforceable indefinitely. </span><span style=\"display:inherit;clear:left;\">In management\u2019s opinion, the risk of the useful life of these brands becoming finite is minimal because of their individual market </span><span style=\"display:inherit;clear:left;\">positions and because current and planned marketing initiatives including innovation and promotional activities for beer and soft </span><span style=\"display:inherit;clear:left;\">drinks are expected to sustain their useful life.</span><span style=\"display:inherit;clear:left;\">Revenue growth </span><span style=\"display:inherit;clear:left;\">At the time of acquisition of any individual brand, a revenue growth curve is forecast based on a long-term strategic view of the risk </span><span style=\"display:inherit;clear:left;\">and opportunities relevant to the brand. The curve is projected for a 10-year horizon. This horizon reliably reflects the lengthy </span><span style=\"display:inherit;clear:left;\">process of implementing brand strategies to support a brand occupying its intended place in the Group\u2019s portfolio. The forecast </span><span style=\"display:inherit;clear:left;\">period applied is comparable to the common term of the majority of licence agreements to which the Group is party. </span><span style=\"display:inherit;clear:left;\">In the local markets, the product portfolio usually consists of local power brands and international premium brands. Following the </span><span style=\"display:inherit;clear:left;\">acquisition of Britvic, the portfolio now also includes soft drinks brands, which requires consideration of non-alcoholic beverage </span><span style=\"display:inherit;clear:left;\">market dynamics such as health trends, sugar regulations and category innovation. When projecting revenue growth for local </span><span style=\"display:inherit;clear:left;\">brands, in addition to their commercial strength \u2013 such as market share and segment position \u2013 the forecast takes into </span><span style=\"display:inherit;clear:left;\">consideration the demographics of the primary markets, including expected developments in population, consumption levels, </span><span style=\"display:inherit;clear:left;\">generation-shift patterns, rate of urbanisation, soft drinks and beer market maturity, level of premiumisation, circumstances </span><span style=\"display:inherit;clear:left;\">generally limiting the growth opportunities for alcoholic beverages and soft drinks etc. </span><span style=\"display:inherit;clear:left;\">For<span class=\"_ _7\"></span> bran<span class=\"_ _7\"></span>ds w<span class=\"_ _7\"></span>ith g<span class=\"_ _7\"></span>loba<span class=\"_ _7\"></span>l or <span class=\"_ _7\"></span>regi<span class=\"_ _7\"></span>onal <span class=\"_ _7\"></span>pres<span class=\"_ _7\"></span>ence<span class=\"_ _7\"></span>, enh<span class=\"_ _7\"></span>ance<span class=\"_ _7\"></span>d inv<span class=\"_ _7\"></span>estm<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> in p<span class=\"_ _7\"></span>rodu<span class=\"_ _7\"></span>ct de<span class=\"_ _7\"></span>velo<span class=\"_ _7\"></span>pmen<span class=\"_ _7\"></span>t and<span class=\"_ _7\"></span> mar<span class=\"_ _7\"></span>keti<span class=\"_ _7\"></span>ng ar<span class=\"_ _7\"></span>e ex<span class=\"_ _7\"></span>pect<span class=\"_ _7\"></span>ed. T<span class=\"_ _7\"></span>he e<span class=\"_ _7\"></span>xpec<span class=\"_ _7\"></span>ted </span><span style=\"display:inherit;clear:left;\">gro<span class=\"_ _7\"></span>wth r<span class=\"_ _7\"></span>ate <span class=\"_ _7\"></span>for <span class=\"_ _7\"></span>these<span class=\"_ _7\"></span> bra<span class=\"_ _7\"></span>nds i<span class=\"_ _7\"></span>s ge<span class=\"_ _7\"></span>neral<span class=\"_ _7\"></span>ly h<span class=\"_ _7\"></span>ighe<span class=\"_ _7\"></span>r tha<span class=\"_ _7\"></span>n fo<span class=\"_ _7\"></span>r mor<span class=\"_ _7\"></span>e lo<span class=\"_ _7\"></span>calis<span class=\"_ _7\"></span>ed b<span class=\"_ _7\"></span>rands<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> is u<span class=\"_ _7\"></span>sual<span class=\"_ _7\"></span>ly hi<span class=\"_ _7\"></span>ghes<span class=\"_ _7\"></span>t ear<span class=\"_ _7\"></span>ly i<span class=\"_ _7\"></span>n th<span class=\"_ _7\"></span>e 10-<span class=\"_ _7\"></span>year<span class=\"_ _7\"></span> per<span class=\"_ _7\"></span>iod. </span><span style=\"display:inherit;clear:left;\">Depending on the nominal growth expectations for the individual brand, the revenue growth in individual years may be above, </span><span style=\"display:inherit;clear:left;\">equal to or below the forecast inflation level in the markets where the brand is present. </span><span style=\"display:inherit;clear:left;\">When preparing budgets, consideration is given to events or circumstances that are relevant to reliably projecting the short-term </span><span style=\"display:inherit;clear:left;\">performance of each brand. Examples include significant campaign activities and changes in excise duties etc., which may have a </span><span style=\"display:inherit;clear:left;\">short-term impact but are non-recurring and quickly absorbed by the business. Since the impact is not material to the long-term </span><span style=\"display:inherit;clear:left;\">projections, it is not taken into consideration when estimating the long-term and terminal period growth rates. Please refer to the </span><span style=\"display:inherit;clear:left;\">description of the impact of increases in excise duties in the description of sales prices in section<span class=\"_ _7\"></span> 2.3.2. </span><span style=\"display:inherit;clear:left;\">Tax benefit </span><span style=\"display:inherit;clear:left;\">The theoretical tax benefit applied in the test uses tax rates and amortisation periods based on current legislation. The impairment </span><span style=\"display:inherit;clear:left;\">test applies tax rates in the range of 15-34% and amortisation periods of 5-25 years.</span><span style=\"display:inherit;clear:left;\">Royalty rate</span><span style=\"display:inherit;clear:left;\">Royalties generated by a brand are based on the Group\u2019s total income from the brand and are earned globally, i.e. the income is </span><span style=\"display:inherit;clear:left;\">also earned outside the CGU that owns the brand. If external licence agreements for the brand already exist, the market terms of </span><span style=\"display:inherit;clear:left;\">such agreements are taken into consideration when assessing the royalty rate that the brand is expected to generate in a </span><span style=\"display:inherit;clear:left;\">transaction with independent parties. The royalty rate is based on the actual market position of the individual brand in the global, </span><span style=\"display:inherit;clear:left;\">regional and local markets, and assumes a 10-year horizon. This term is common to the beverage industry when licensing brands.</span><span style=\"display:inherit;clear:left;\">Royalty rates</span><span style=\"display:inherit;clear:left;position:relative;height:46.671875px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0019531px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International, premium and speciality products</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 486.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.5-7.5%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 18.002px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Strong regional and national brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 530.835px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0-6.0%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 34.6738px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Local and mainstream brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 561.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0-3.5%</span></span></span><span style=\"display:inherit;clear:left;\">Identification of cash-generating units </span><span style=\"display:inherit;clear:left;\">The Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional </span><span style=\"display:inherit;clear:left;\">managements responsible for performance, operating investments and growth initiatives in their respective regions. </span><span style=\"display:inherit;clear:left;\">There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations </span><span style=\"display:inherit;clear:left;\">across the Group or within regions. </span><span style=\"display:inherit;clear:left;\">Assets, ot<span class=\"_ _7\"></span>her than good<span class=\"_ _7\"></span>will and brand<span class=\"_ _7\"></span>s with regiona<span class=\"_ _7\"></span>l and global pr<span class=\"_ _7\"></span>esence, are al<span class=\"_ _7\"></span>located to ind<span class=\"_ _7\"></span>ividual cash-g<span class=\"_ _7\"></span>enerating uni<span class=\"_ _7\"></span>ts (CGUs), </span><span style=\"display:inherit;clear:left;\">being the<span class=\"_ _7\"></span> level at whic<span class=\"_ _7\"></span>h the assets ge<span class=\"_ _7\"></span>nerate largely<span class=\"_ _7\"></span> independent <span class=\"_ _7\"></span>cash inflows. <span class=\"_ _7\"></span>As the Group <span class=\"_ _7\"></span>operates with <span class=\"_ _7\"></span>local sales and<span class=\"_ _7\"></span> production </span><span style=\"display:inherit;clear:left;\">organisat<span class=\"_ _7\"></span>ions, the cash<span class=\"_ _7\"></span> inflows are m<span class=\"_ _7\"></span>ostly generat<span class=\"_ _7\"></span>ed locally, an<span class=\"_ _7\"></span>d the CGUs are<span class=\"_ _7\"></span> therefore us<span class=\"_ _7\"></span>ually identifi<span class=\"_ _7\"></span>ed at country<span class=\"_ _7\"></span> level. </span><span style=\"display:inherit;clear:left;\">The determination of CGU allocation is made, and cash inflows are assessed in connection with the purchase price allocation, within </span><span style=\"display:inherit;clear:left;\">12 months from the date of acquisition. </span><span style=\"display:inherit;clear:left;\">Goodwill </span><span style=\"display:inherit;clear:left;\">Goodwill does not generate largely independent cash inflows on its own and is therefore allocated to the Group\u2019s geographical </span><span style=\"display:inherit;clear:left;\">segments, which is the level at which it is monitored for internal management purposes. </span><span style=\"display:inherit;clear:left;\">At the time of acquisition of entities, goodwill is allocated to a CGU. The structure and groups of CGUs are reassessed every year. </span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">Cash flows for brands are separately identifiable and brands are therefore tested individually for impairment. This test is performed </span><span style=\"display:inherit;clear:left;\">in addition to the test for impairment of goodwill. </span><span style=\"display:inherit;clear:left;\">Corporate assets </span><span style=\"display:inherit;clear:left;\">The Group has identified capitalised software relating to the Group\u2019s ERP systems as corporate assets, and as such these are </span><span style=\"display:inherit;clear:left;\">peripheral to the generation of cash inflows. The Group\u2019s ERP landscape is closely linked to the internal management structure, and </span><span style=\"display:inherit;clear:left;\">the identified assets are therefore tested for impairment at the CGU level to which goodwill is allocated. </span><span style=\"display:inherit;clear:left;\">Other non-current assets </span><span style=\"display:inherit;clear:left;\">Other non\u2011current assets are tested for impairment when indications of impairment exist. </span><span style=\"display:inherit;clear:left;\">For property, plant and equipment, management performs an annual assessment of the assets\u2019 future application, for example in </span><span style=\"display:inherit;clear:left;\">relation to changes in production structure, restructurings or brewery closures.</span><span style=\"display:inherit;clear:left;\">The impairment assessment also covers brands with finite useful life, customer relationships and licence agreements recognised as </span><span style=\"display:inherit;clear:left;\">intangible assets. Indicators of impairment include decreases in revenue or margins, loss of significant customers, market declines, </span><span style=\"display:inherit;clear:left;\">and increased cost pressures that suggest that the carrying amount may not be recoverable. Where such indications are identified, </span><span style=\"display:inherit;clear:left;\">the recoverable amount is estimated and an impairment loss is recognised if the carrying amount exceeds the recoverable amount.</span><span style=\"display:inherit;clear:left;\">Other non-current assets are tested for impairment when indications of impairment exist. </span><span style=\"display:inherit;clear:left;\">Key considerations in impairment tests</span><span style=\"display:inherit;clear:left;position:relative;height:99.7734375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 393.938px; top: 0.0097656px; width: 197.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.387px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.1582px; width: 633.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CGU level of test</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Geographical segment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Individual brand</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 37.1582px; width: 699.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Method to estimate recoverable amount</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Value in use</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value less cost of disposal</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.1582px; width: 552.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Method to estimate present value of future cash flows</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.826px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Traditional approach: single most </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 560.141px; top: 55.1582px; width: 157.137px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Traditional approach: single most </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 393.938px; top: 68.6582px; width: 101.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">likely future cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 560.141px; top: 68.6582px; width: 101.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">likely future cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 87.7832px; width: 643.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discount rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Risk-adjusted rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Risk-adjusted rate</span></span></span><span style=\"display:inherit;clear:left;\">For investments in associates, examples of indications of impairment are loss-making activities or significant changes in the </span><span style=\"display:inherit;clear:left;\">business environment.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the </span><span style=\"display:inherit;clear:left;\">year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the </span><span style=\"display:inherit;clear:left;\">level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be </span><span style=\"display:inherit;clear:left;\">recoverable. If an asset\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable </span><span style=\"display:inherit;clear:left;\">amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. </span><span style=\"display:inherit;clear:left;\">For all assets, the recoverable amount is assessed based on budget and target plan with reference to the expected future net cash </span><span style=\"display:inherit;clear:left;\">flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted </span><span style=\"display:inherit;clear:left;\">by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied. </span><span style=\"display:inherit;clear:left;\">Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and </span><span style=\"display:inherit;clear:left;\">losses arising on significant restructurings of processes and structural adjustments are recognised in special items. Minor losses are </span><span style=\"display:inherit;clear:left;\">recognised in the income statement in the relevant line item. </span><span style=\"display:inherit;clear:left;\">Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and </span><span style=\"display:inherit;clear:left;\">estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount </span><span style=\"display:inherit;clear:left;\">does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.</span><span style=\"display:inherit;clear:left;\">2.3.4 Sensitivity tests</span><span style=\"display:inherit;clear:left;\">Sensitivity tests have been performed to determine the lowest forecast and terminal period growth rates and/or highest discount </span><span style=\"display:inherit;clear:left;\">rates that can occur in the groups of CGUs and brands with indefinite useful life without leading to any impairment loss. </span><span style=\"display:inherit;clear:left;\">Goodwill</span><span style=\"display:inherit;clear:left;\">The test for impairment of goodwill did not identify any CGUs or groups of CGUs to which goodwill is allocated where a reasonably </span><span style=\"display:inherit;clear:left;\">possible negative change in a key assumption would cause the carrying amount to exceed the recoverable amount<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">Following the acquisition of the Britvic Group, purchase price allocation was performed in accordance with IFRS 3. The allocation </span><span style=\"display:inherit;clear:left;\">resulted in recognition of brands, valued at DKK 3,755m for the UK, Ireland, France and Brazil. These valuations reflect inherent </span><span style=\"display:inherit;clear:left;\">sensitivity to assumptions such as royalty rates, discount rates (WACC) and long-term growth, and will be subject to annual </span><span style=\"display:inherit;clear:left;\">impairment testing. These brands are sensitive to reasonably possible negative changes in key assumptions. A reasonably possible </span><span style=\"display:inherit;clear:left;\">negative change in a key assumption would also cause the carrying amount of brands written down during the year or in previous </span><span style=\"display:inherit;clear:left;\">years to exceed the recoverable amount. However, management considers the risk of a significant write-down on these brands to be </span><span style=\"display:inherit;clear:left;\">low.</span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;\">The key assumptions relevant to the assessment of the recoverable amount are:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Useful life </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Revenue growth</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Royalty rate </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Discount rate</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Terminal growth rate</span><span style=\"display:inherit;clear:left;\">The assumptions for volume and price are closely linked, which, together with the presence of multiple sub-brands in various </span><span style=\"display:inherit;clear:left;\">geographies within each brand, makes individual sensitivity testing based on these two assumptions highly impractical. Instead, </span><span style=\"display:inherit;clear:left;\">sensitivity testing is performed for the overall revenue growth rate, in both the forecast period and the terminal period.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__87-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Capital commitments </span><span style=\"display:inherit;clear:left;\">The Group<span class=\"_ _7\"></span> has entered <span class=\"_ _7\"></span>into various c<span class=\"_ _7\"></span>apital commitm<span class=\"_ _7\"></span>ents that wil<span class=\"_ _7\"></span>l not take eff<span class=\"_ _7\"></span>ect until aft<span class=\"_ _7\"></span>er the report<span class=\"_ _7\"></span>ing date and h<span class=\"_ _7\"></span>ave therefore<span class=\"_ _7\"></span> not </span><span style=\"display:inherit;clear:left;\">been reco<span class=\"_ _7\"></span>gnised in the <span class=\"_ _7\"></span>consolidated fi<span class=\"_ _7\"></span>nancial state<span class=\"_ _7\"></span>ments. Capital<span class=\"_ _7\"></span> commitments <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>2025 amount<span class=\"_ _7\"></span>ed to DKK 21<span class=\"_ _7\"></span>0m (2024: DK<span class=\"_ _7\"></span>K 173m).</span><span style=\"display:inherit;clear:left;\">Guarantees and commitments</span><span style=\"display:inherit;clear:left;\">The Group has issued guarantees for third-party obligations (non-consolidated entities) of DKK<span class=\"_ _7\"></span> 252m (2024: DKK 220m). No </span><span style=\"display:inherit;clear:left;\">guarantees have been issued for loans raised by associates. Certain guarantees etc. are issued in connection with disposal of entities </span><span style=\"display:inherit;clear:left;\">and activities, and in connection with on-trade loans. Apart from items recognised in the statement of financial position or disclosed </span><span style=\"display:inherit;clear:left;\">in the consolidated financial statements, these guarantees etc. will not have a material effect on the Group\u2019s financial position. </span><span style=\"display:inherit;clear:left;\">Capital commitments, lease liabilities and service agreements are described in section 2.2<span class=\"_ _7\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__86-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Capital commitments </span><span style=\"display:inherit;clear:left;\">The Group<span class=\"_ _7\"></span> has entered <span class=\"_ _7\"></span>into various c<span class=\"_ _7\"></span>apital commitm<span class=\"_ _7\"></span>ents that wil<span class=\"_ _7\"></span>l not take eff<span class=\"_ _7\"></span>ect until aft<span class=\"_ _7\"></span>er the report<span class=\"_ _7\"></span>ing date and h<span class=\"_ _7\"></span>ave therefore<span class=\"_ _7\"></span> not </span><span style=\"display:inherit;clear:left;\">been reco<span class=\"_ _7\"></span>gnised in the <span class=\"_ _7\"></span>consolidated fi<span class=\"_ _7\"></span>nancial state<span class=\"_ _7\"></span>ments. Capital<span class=\"_ _7\"></span> commitments <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>2025 amount<span class=\"_ _7\"></span>ed to DKK 21<span class=\"_ _7\"></span>0m (2024: DK<span class=\"_ _7\"></span>K 173m).</span><span style=\"display:inherit;clear:left;\">Contingent assets</span><span style=\"display:inherit;clear:left;\">The Group has a contractual right to receive compensation following the termination of the exclusive licensed production and </span><span style=\"display:inherit;clear:left;\">distribution agreement with Mahou San Miguel in the UK on 31 December 2024. The Group expects to receive compensation, but </span><span style=\"display:inherit;clear:left;\">estimating the amount is associated with a high degree of uncertainty.</span><span style=\"display:inherit;clear:left;\">Section 3.4</span><span style=\"display:inherit;clear:left;\">Contingent liabilities</span><span style=\"display:inherit;clear:left;\">The Group operates in very competitive markets where consolidation is taking place within the industry and among our customers </span><span style=\"display:inherit;clear:left;\">and suppliers, all of which influences our business in different ways.</span><span style=\"display:inherit;clear:left;\">In the ordinary course of business, the Group is party to certain lawsuits, disputes etc. of varying content and scope, some of which </span><span style=\"display:inherit;clear:left;\">are referred to below. The resolution of these lawsuits, disputes etc. is associated with uncertainty, as they depend on relevant </span><span style=\"display:inherit;clear:left;\">applicable proceedings, such as negotiations between the parties affected, government actions and court rulings.</span><span style=\"display:inherit;clear:left;\">In October and November 2021, the Group\u2019s associate in Portugal, Super Bock Group, received decisions on the alleged </span><span style=\"display:inherit;clear:left;\">anticompetitive practices in two ongoing cases. In the first case, the Portuguese Court of Appeal confirmed the fine of EUR 24m<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">issued by the competition authority, and in the second case the Portuguese competition authority imposed a fine of EUR <span class=\"_ _7\"></span>33m on </span><span style=\"display:inherit;clear:left;\">Super Bock. Both decisions have been appealed to the Supreme Court by Super Bock. Subsequently, on account of Super Bock\u2019s </span><span style=\"display:inherit;clear:left;\">alleged anticompetitive practices, a separate private enforcement claim of EUR<span class=\"_ _7\"></span> 400m was filed by a consumer protection association </span><span style=\"display:inherit;clear:left;\">against Super Bock for compensation of Portuguese consumers for alleged harm. <span class=\"_ _7\"></span>In November 2024, another separate private </span><span style=\"display:inherit;clear:left;\">enforcement claim was filed by a consumer protection association. The complaint does not indicate a specific amount of damages </span><span style=\"display:inherit;clear:left;\">being sought, but instead provides a range of EUR 83-467m. There have been no further significant developments in these cases.  </span><span style=\"display:inherit;clear:left;\">In December 2025, an agreement was reached with Chongqing Jiawei Beer Co. Ltd. to settle the legal disputes related to the </span><span style=\"display:inherit;clear:left;\">contract brewing agreement with Chongqing Brewery Co. Ltd. through renegotiation of the contract. In 2025, the contract impacted </span><span style=\"display:inherit;clear:left;\">the income statement as part of the ordinary business, but the settlement itself had no additional impact.  <span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Management and the Group General Counsel continuously assess these risks and their likely outcome. It is the opinion of </span><span style=\"display:inherit;clear:left;\">management and the Group General Counsel that, apart from items recognised in the statement of financial position, the outcome of </span><span style=\"display:inherit;clear:left;\">these lawsuits, disputes etc. cannot be reliably estimated in terms of amount or timing, or the risk of a negative outcome is </span><span style=\"display:inherit;clear:left;\">considered to be remote. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\u2019s </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">financial position, net profit or cash flow, in excess of items recognised in the statement of financial position.</span></span> </span><span style=\"display:inherit;clear:left;\">Guarantees and commitments</span><span style=\"display:inherit;clear:left;\">The Group has issued guarantees for third-party obligations (non-consolidated entities) of DKK<span class=\"_ _7\"></span> 252m (2024: DKK 220m). No </span><span style=\"display:inherit;clear:left;\">guarantees have been issued for loans raised by associates. Certain guarantees etc. are issued in connection with disposal of entities </span><span style=\"display:inherit;clear:left;\">and activities, and in connection with on-trade loans. Apart from items recognised in the statement of financial position or disclosed </span><span style=\"display:inherit;clear:left;\">in the consolidated financial statements, these guarantees etc. will not have a material effect on the Group\u2019s financial position. </span><span style=\"display:inherit;clear:left;\">Capital commitments, lease liabilities and service agreements are described in section 2.2<span class=\"_ _7\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__88-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Contingent assets</span><span style=\"display:inherit;clear:left;\">The Group has a contractual right to receive compensation following the termination of the exclusive licensed production and </span><span style=\"display:inherit;clear:left;\">distribution agreement with Mahou San Miguel in the UK on 31 December 2024. The Group expects to receive compensation, but </span><span style=\"display:inherit;clear:left;\">estimating the amount is associated with a high degree of uncertainty.</span><span style=\"display:inherit;clear:left;\">Section 3.2</span><span style=\"display:inherit;clear:left;\">Provisions</span><span style=\"display:inherit;clear:left;position:relative;height:245.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 474.75px; top: 7.99414px; width: 45.1113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Onerous  </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 335.562px; top: 21.4941px; width: 67.3945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Restructurings</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 471.375px; top: 21.4941px; width: 43.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">contracts</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 599.703px; top: 21.4941px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 38.4863px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions at 1 January 2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 253.904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">262</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,536</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,035</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.3613px; width: 739.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">135</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">188</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 72.2363px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additional provisions recognised</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 238.681px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">373</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">83</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">409</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">865</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.1113px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Used during the year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 290.625px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-95</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-72</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-143</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-310</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 105.986px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of unused provisions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 250.869px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-36</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-157</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-390</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-583</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.861px; width: 739.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discounting</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.308px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 139.736px; width: 739.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 233.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.494px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions at 31 December 2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 233.35px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">505</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">210</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,374</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,089</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 182.369px; width: 58.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Classified as</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 199.361px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current provisions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.312px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,791</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,863</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 216.236px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current provisions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">498</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,226</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 232.994px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 358.037px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">505</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">210</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,374</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,089</span></span></span><span style=\"display:inherit;clear:left;\">Restructuring provisions mainly comprise termination benefit obligations, contract termination fees, dismantling costs etc. incurred as </span><span style=\"display:inherit;clear:left;\">a result of restructuring projects generally accounted for as special items. The restructuring provision of<span class=\"_ _7\"></span> DKK 505m in 2025 relates to </span><span style=\"display:inherit;clear:left;\">projects across all regions, cf. section 3.1.</span><span style=\"display:inherit;clear:left;\">In 2025, a settlement was reached on a contract brewing agreement in China, resulting in a reversal of<span class=\"_ _7\"></span> DKK 157m. Provisions for </span><span style=\"display:inherit;clear:left;\">onerous contracts primarily relate to bottling and distribution contracts in Western Europe. </span><span style=\"display:inherit;clear:left;\">Other provisions of DKK 2,374m include ongoing disputes and lawsuits of varying content, and employee obligations other than </span><span style=\"display:inherit;clear:left;\">retirement benefits.</span><span style=\"display:inherit;clear:left;\">Timing of settlement of ongoing disputes and lawsuits cannot be determined, whereas the remaining liabilities are expected to be </span><span style=\"display:inherit;clear:left;\">settled in one to two years.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">In connection with restructurings, management assesses the timing of the costs to be incurred, which influences the classification as </span><span style=\"display:inherit;clear:left;\">current or non-current liabilities. Provision for onerous contracts is based on agreed terms with the other party and expected </span><span style=\"display:inherit;clear:left;\">fulfilment of the contract, based on the current estimate of volumes, use of raw materials etc. </span><span style=\"display:inherit;clear:left;\">Management assesses provisions, contingent assets and liabilities, and the likely outcome of pending or probable lawsuits etc. on </span><span style=\"display:inherit;clear:left;\">an ongoing basis. The outcome depends on future events, which are by nature uncertain. In assessing the likely outcome of lawsuits </span><span style=\"display:inherit;clear:left;\">and tax disputes etc., management relies on external legal advice and established precedents.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Provision for onerous contracts is based on agreed terms with the other party and expected fulfilment of the contract, based on the </span><span style=\"display:inherit;clear:left;\">current estimate of volumes, use of raw materials etc.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or at the reporting date, the </span><span style=\"display:inherit;clear:left;\">Group has a legal or a constructive obligation and it is probable that there may be an outflow of economic benefits to settle the </span><span style=\"display:inherit;clear:left;\">obligation. </span><span style=\"display:inherit;clear:left;\">Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest rate is used as the </span><span style=\"display:inherit;clear:left;\">discount rate. </span><span style=\"display:inherit;clear:left;\">Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those affected no later than </span><span style=\"display:inherit;clear:left;\">at the reporting date. On acquisition of entities, restructuring provisions in the acquiree are only included in the opening balance </span><span style=\"display:inherit;clear:left;\">when the acquiree has a restructuring liability at the acquisition date. </span><span style=\"display:inherit;clear:left;\">A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower </span><span style=\"display:inherit;clear:left;\">than the unavoidable costs of meeting its obligations under the contract.</span><span style=\"display:inherit;clear:left;\">Section 3.3</span><span style=\"display:inherit;clear:left;\">Other liabilities</span><span style=\"display:inherit;clear:left;position:relative;height:217.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 115.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other liabilities by origin</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Staff costs payable</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,281</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Excise duties and VAT payable</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 463.346px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,651</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 534.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,591</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,447</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 533.509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">403</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,916</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 575.164px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,593</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 58.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Classified as</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.236px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 505.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,446</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,495</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 188.111px; width: 739.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,178</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,098</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.869px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 575.164px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,593</span></span></span><span style=\"display:inherit;clear:left;\">Section 3.4</span><span style=\"display:inherit;clear:left;\">Contingent liabilities</span><span style=\"display:inherit;clear:left;\">The Group operates in very competitive markets where consolidation is taking place within the industry and among our customers </span><span style=\"display:inherit;clear:left;\">and suppliers, all of which influences our business in different ways.</span><span style=\"display:inherit;clear:left;\">In the ordinary course of business, the Group is party to certain lawsuits, disputes etc. of varying content and scope, some of which </span><span style=\"display:inherit;clear:left;\">are referred to below. The resolution of these lawsuits, disputes etc. is associated with uncertainty, as they depend on relevant </span><span style=\"display:inherit;clear:left;\">applicable proceedings, such as negotiations between the parties affected, government actions and court rulings.</span><span style=\"display:inherit;clear:left;\">In October and November 2021, the Group\u2019s associate in Portugal, Super Bock Group, received decisions on the alleged </span><span style=\"display:inherit;clear:left;\">anticompetitive practices in two ongoing cases. In the first case, the Portuguese Court of Appeal confirmed the fine of EUR 24m<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">issued by the competition authority, and in the second case the Portuguese competition authority imposed a fine of EUR <span class=\"_ _7\"></span>33m on </span><span style=\"display:inherit;clear:left;\">Super Bock. Both decisions have been appealed to the Supreme Court by Super Bock. Subsequently, on account of Super Bock\u2019s </span><span style=\"display:inherit;clear:left;\">alleged anticompetitive practices, a separate private enforcement claim of EUR<span class=\"_ _7\"></span> 400m was filed by a consumer protection association </span><span style=\"display:inherit;clear:left;\">against Super Bock for compensation of Portuguese consumers for alleged harm. <span class=\"_ _7\"></span>In November 2024, another separate private </span><span style=\"display:inherit;clear:left;\">enforcement claim was filed by a consumer protection association. The complaint does not indicate a specific amount of damages </span><span style=\"display:inherit;clear:left;\">being sought, but instead provides a range of EUR 83-467m. There have been no further significant developments in these cases.  </span><span style=\"display:inherit;clear:left;\">In December 2025, an agreement was reached with Chongqing Jiawei Beer Co. Ltd. to settle the legal disputes related to the </span><span style=\"display:inherit;clear:left;\">contract brewing agreement with Chongqing Brewery Co. Ltd. through renegotiation of the contract. In 2025, the contract impacted </span><span style=\"display:inherit;clear:left;\">the income statement as part of the ordinary business, but the settlement itself had no additional impact.  <span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Management and the Group General Counsel continuously assess these risks and their likely outcome. It is the opinion of </span><span style=\"display:inherit;clear:left;\">management and the Group General Counsel that, apart from items recognised in the statement of financial position, the outcome of </span><span style=\"display:inherit;clear:left;\">these lawsuits, disputes etc. cannot be reliably estimated in terms of amount or timing, or the risk of a negative outcome is </span><span style=\"display:inherit;clear:left;\">considered to be remote. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\u2019s </span><span style=\"display:inherit;clear:left;\">financial position, net profit or cash flow, in excess of items recognised in the statement of financial position.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__89": {
   "value": "<span style=\"display:inherit;clear:left;\">Cost<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less </span><span style=\"display:inherit;clear:left;\">accumulated amortisation or depreciation and impairment losses. </span><span style=\"display:inherit;clear:left;\">Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. </span><span style=\"display:inherit;clear:left;\">The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-</span><span style=\"display:inherit;clear:left;\">out dependent on the brands\u2019 future performance. </span><span style=\"display:inherit;clear:left;\">The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, </span><span style=\"display:inherit;clear:left;\">and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset, and is included in </span><span style=\"display:inherit;clear:left;\">plant and machinery. </span><span style=\"display:inherit;clear:left;\">Research and development costs are recognised in the income statement as incurred. Development costs of intangible assets, for </span><span style=\"display:inherit;clear:left;\">example software, are recognised as other intangible assets if the costs are expected to generate future economic benefits. </span><span style=\"display:inherit;clear:left;\">For assets acquired in business combinations, including brands and property, plant and equipment, cost at initial recognition is </span><span style=\"display:inherit;clear:left;\">determined by estimating the fair value of the individual assets in the purchase price allocation. </span><span style=\"display:inherit;clear:left;\">Goodwill is only acquired in business combinations and is measured in the purchase price allocation. Goodwill is not amortised but </span><span style=\"display:inherit;clear:left;\">is subject to an annual impairment test, cf. section 2.3. </span><span style=\"display:inherit;clear:left;\">Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">separate items</span></span>. </span><span style=\"display:inherit;clear:left;\">Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in </span><span style=\"display:inherit;clear:left;\">the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced </span><span style=\"display:inherit;clear:left;\">components are derecognised from the statement of financial position and recognised as an expense in the income statement. </span><span style=\"display:inherit;clear:left;\">Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. </span><span style=\"display:inherit;clear:left;\">Useful life, amortisation, depreciation and impairment losses </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the </span><span style=\"display:inherit;clear:left;\">carrying amount, depreciation is discontinued. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account </span><span style=\"display:inherit;clear:left;\">any residual value. The expected useful life and residual value are determined based on past experience and expectations of the </span><span style=\"display:inherit;clear:left;\">future use of assets. </span><span style=\"display:inherit;clear:left;\">Depreciation is calculated on the basis of the cost less the residual value and impairment losses. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses </span><span style=\"display:inherit;clear:left;\">depending on the use of the asset. </span><span style=\"display:inherit;clear:left;\">The expected useful life is as follows:</span><span style=\"display:inherit;clear:left;position:relative;height:261px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 725.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Software</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">N</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">or</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">mal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ly </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">up-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">wid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">e s</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ys</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ms </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">de</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lop</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">s a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">n </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">in</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">teg</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ra</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">d p</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">t </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">of </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">a </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ma</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">jor</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> b</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">us</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ss</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> d</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">eve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lo</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">pm</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ent</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 255.922px; top: 13.627px; width: 97.6406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">pr</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">og</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ram</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">me</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">: </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5-7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.6348px; width: 679.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Delivery rights</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.06px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract; if no contract term has been agreed, normally not exceeding 5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.6348px; width: 694.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Customer relationships</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the customer; if no contract exists, normally not exceeding 15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.6348px; width: 438.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Licence agreements</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the licensor</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.6348px; width: 329.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Land</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 232.201px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not depreciated</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 104.635px; width: 311.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20-40 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.635px; width: 291.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.635px; width: 291.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brewery equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.635px; width: 302.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Filling and bottling equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.855px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8-15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.635px; width: 289.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations in warehouses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 194.635px; width: 288.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade and distribution equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.635px; width: 299.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixtures and fittings, other plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5-8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.635px; width: 297.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hardware</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.635px; width: 302.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-10 years</span></span></span></span><span style=\"display:inherit;clear:left;\">Impairment </span><span style=\"display:inherit;clear:left;\">Impairment losses of a non-recurring nature are recognised under special items.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__83": {
   "value": "<span style=\"display:inherit;clear:left;\">Cost<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less </span><span style=\"display:inherit;clear:left;\">accumulated amortisation or depreciation and impairment losses. </span><span style=\"display:inherit;clear:left;\">Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. </span><span style=\"display:inherit;clear:left;\">The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-</span><span style=\"display:inherit;clear:left;\">out dependent on the brands\u2019 future performance. </span><span style=\"display:inherit;clear:left;\">The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, </span><span style=\"display:inherit;clear:left;\">and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset, and is included in </span><span style=\"display:inherit;clear:left;\">plant and machinery. </span><span style=\"display:inherit;clear:left;\">Research and development costs are recognised in the income statement as incurred. Development costs of intangible assets, for </span><span style=\"display:inherit;clear:left;\">example software, are recognised as other intangible assets if the costs are expected to generate future economic benefits. </span><span style=\"display:inherit;clear:left;\">For assets acquired in business combinations, including brands and property, plant and equipment, cost at initial recognition is </span><span style=\"display:inherit;clear:left;\">determined by estimating the fair value of the individual assets in the purchase price allocation. </span><span style=\"display:inherit;clear:left;\">Goodwill is only acquired in business combinations and is measured in the purchase price allocation. Goodwill is not amortised but </span><span style=\"display:inherit;clear:left;\">is subject to an annual impairment test, cf. section 2.3. </span><span style=\"display:inherit;clear:left;\">Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">separate items</span></span>. </span><span style=\"display:inherit;clear:left;\">Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in </span><span style=\"display:inherit;clear:left;\">the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced </span><span style=\"display:inherit;clear:left;\">components are derecognised from the statement of financial position and recognised as an expense in the income statement. </span><span style=\"display:inherit;clear:left;\">Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. </span><span style=\"display:inherit;clear:left;\">Useful life, amortisation, depreciation and impairment losses </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the </span><span style=\"display:inherit;clear:left;\">carrying amount, depreciation is discontinued. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account </span><span style=\"display:inherit;clear:left;\">any residual value. The expected useful life and residual value are determined based on past experience and expectations of the </span><span style=\"display:inherit;clear:left;\">future use of assets. </span><span style=\"display:inherit;clear:left;\">Depreciation is calculated on the basis of the cost less the residual value and impairment losses. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses </span><span style=\"display:inherit;clear:left;\">depending on the use of the asset. </span><span style=\"display:inherit;clear:left;\">The expected useful life is as follows:</span><span style=\"display:inherit;clear:left;position:relative;height:261px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 725.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Software</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">N</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">or</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">mal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ly </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">up-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">wid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">e s</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ys</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ms </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">de</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lop</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">s a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">n </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">in</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">teg</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ra</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">d p</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">t </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">of </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">a </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ma</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">jor</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> b</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">us</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ss</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> d</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">eve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lo</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">pm</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ent</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 255.922px; top: 13.627px; width: 97.6406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">pr</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">og</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ram</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">me</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">: </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5-7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.6348px; width: 679.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Delivery rights</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.06px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract; if no contract term has been agreed, normally not exceeding 5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.6348px; width: 694.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Customer relationships</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the customer; if no contract exists, normally not exceeding 15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.6348px; width: 438.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Licence agreements</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the licensor</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.6348px; width: 329.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Land</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 232.201px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not depreciated</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 104.635px; width: 311.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20-40 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.635px; width: 291.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.635px; width: 291.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brewery equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.635px; width: 302.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Filling and bottling equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.855px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8-15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.635px; width: 289.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations in warehouses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 194.635px; width: 288.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade and distribution equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.635px; width: 299.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixtures and fittings, other plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5-8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.635px; width: 297.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hardware</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.635px; width: 302.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-10 years</span></span></span></span><span style=\"display:inherit;clear:left;\">Impairment </span><span style=\"display:inherit;clear:left;\">Impairment losses of a non-recurring nature are recognised under special items.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__74": {
   "value": "<span style=\"display:inherit;clear:left;\">Cost<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less </span><span style=\"display:inherit;clear:left;\">accumulated amortisation or depreciation and impairment losses. </span><span style=\"display:inherit;clear:left;\">Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. </span><span style=\"display:inherit;clear:left;\">The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-</span><span style=\"display:inherit;clear:left;\">out dependent on the brands\u2019 future performance. </span><span style=\"display:inherit;clear:left;\">The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, </span><span style=\"display:inherit;clear:left;\">and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset, and is included in </span><span style=\"display:inherit;clear:left;\">plant and machinery. </span><span style=\"display:inherit;clear:left;\">Research and development costs are recognised in the income statement as incurred. Development costs of intangible assets, for </span><span style=\"display:inherit;clear:left;\">example software, are recognised as other intangible assets if the costs are expected to generate future economic benefits. </span><span style=\"display:inherit;clear:left;\">For assets acquired in business combinations, including brands and property, plant and equipment, cost at initial recognition is </span><span style=\"display:inherit;clear:left;\">determined by estimating the fair value of the individual assets in the purchase price allocation. </span><span style=\"display:inherit;clear:left;\">Goodwill is only acquired in business combinations and is measured in the purchase price allocation. Goodwill is not amortised but </span><span style=\"display:inherit;clear:left;\">is subject to an annual impairment test, cf. section 2.3. </span><span style=\"display:inherit;clear:left;\">Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">separate items</span></span>. </span><span style=\"display:inherit;clear:left;\">Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in </span><span style=\"display:inherit;clear:left;\">the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced </span><span style=\"display:inherit;clear:left;\">components are derecognised from the statement of financial position and recognised as an expense in the income statement. </span><span style=\"display:inherit;clear:left;\">Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. </span><span style=\"display:inherit;clear:left;\">Useful life, amortisation, depreciation and impairment losses </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the </span><span style=\"display:inherit;clear:left;\">carrying amount, depreciation is discontinued. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account </span><span style=\"display:inherit;clear:left;\">any residual value. The expected useful life and residual value are determined based on past experience and expectations of the </span><span style=\"display:inherit;clear:left;\">future use of assets. </span><span style=\"display:inherit;clear:left;\">Depreciation is calculated on the basis of the cost less the residual value and impairment losses. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses </span><span style=\"display:inherit;clear:left;\">depending on the use of the asset. </span><span style=\"display:inherit;clear:left;\">The expected useful life is as follows:</span><span style=\"display:inherit;clear:left;position:relative;height:261px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 725.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Software</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">N</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">or</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">mal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ly </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">up-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">wid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">e s</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ys</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ms </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">de</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lop</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">s a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">n </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">in</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">teg</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ra</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">d p</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">t </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">of </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">a </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ma</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">jor</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> b</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">us</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ss</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> d</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">eve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lo</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">pm</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ent</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 255.922px; top: 13.627px; width: 97.6406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">pr</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">og</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ram</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">me</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">: </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5-7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.6348px; width: 679.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Delivery rights</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.06px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract; if no contract term has been agreed, normally not exceeding 5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.6348px; width: 694.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Customer relationships</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the customer; if no contract exists, normally not exceeding 15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.6348px; width: 438.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Licence agreements</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the licensor</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.6348px; width: 329.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Land</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 232.201px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not depreciated</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 104.635px; width: 311.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20-40 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.635px; width: 291.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.635px; width: 291.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brewery equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.635px; width: 302.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Filling and bottling equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.855px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8-15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.635px; width: 289.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations in warehouses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 194.635px; width: 288.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade and distribution equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.635px; width: 299.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixtures and fittings, other plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5-8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.635px; width: 297.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hardware</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.635px; width: 302.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-10 years</span></span></span></span><span style=\"display:inherit;clear:left;\">Impairment </span><span style=\"display:inherit;clear:left;\">Impairment losses of a non-recurring nature are recognised under special items.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__68": {
   "value": "<span style=\"display:inherit;clear:left;\">Cost<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less </span><span style=\"display:inherit;clear:left;\">accumulated amortisation or depreciation and impairment losses. </span><span style=\"display:inherit;clear:left;\">Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. </span><span style=\"display:inherit;clear:left;\">The cost of acquired brand rights is accounted for using the accumulated cost approach if the total consideration includes an earn-</span><span style=\"display:inherit;clear:left;\">out dependent on the brands\u2019 future performance. </span><span style=\"display:inherit;clear:left;\">The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, </span><span style=\"display:inherit;clear:left;\">and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset, and is included in </span><span style=\"display:inherit;clear:left;\">plant and machinery. </span><span style=\"display:inherit;clear:left;\">Research and development costs are recognised in the income statement as incurred. Development costs of intangible assets, for </span><span style=\"display:inherit;clear:left;\">example software, are recognised as other intangible assets if the costs are expected to generate future economic benefits. </span><span style=\"display:inherit;clear:left;\">For assets acquired in business combinations, including brands and property, plant and equipment, cost at initial recognition is </span><span style=\"display:inherit;clear:left;\">determined by estimating the fair value of the individual assets in the purchase price allocation. </span><span style=\"display:inherit;clear:left;\">Goodwill is only acquired in business combinations and is measured in the purchase price allocation. Goodwill is not amortised but </span><span style=\"display:inherit;clear:left;\">is subject to an annual impairment test, cf. section 2.3. </span><span style=\"display:inherit;clear:left;\">Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">separate items</span></span>. </span><span style=\"display:inherit;clear:left;\">Returnable packaging materials that the Group controls through a legal or constructive obligation are capitalised as property, plant </span><span style=\"display:inherit;clear:left;\">and equipment. </span><span style=\"display:inherit;clear:left;\">Subsequent costs, for example in connection with replacement of components of property, plant and equipment, are recognised in </span><span style=\"display:inherit;clear:left;\">the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The replaced </span><span style=\"display:inherit;clear:left;\">components are derecognised from the statement of financial position and recognised as an expense in the income statement. </span><span style=\"display:inherit;clear:left;\">Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. </span><span style=\"display:inherit;clear:left;\">Useful life, amortisation, depreciation and impairment losses </span><span style=\"display:inherit;clear:left;\">Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the </span><span style=\"display:inherit;clear:left;\">carrying amount, depreciation is discontinued. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised on a straight-line basis over the expected useful life of the assets, taking into account </span><span style=\"display:inherit;clear:left;\">any residual value. The expected useful life and residual value are determined based on past experience and expectations of the </span><span style=\"display:inherit;clear:left;\">future use of assets. </span><span style=\"display:inherit;clear:left;\">Depreciation is calculated on the basis of the cost less the residual value and impairment losses. </span><span style=\"display:inherit;clear:left;\">Amortisation and depreciation are recognised as cost of sales, sales and distribution expenses, and administrative expenses </span><span style=\"display:inherit;clear:left;\">depending on the use of the asset. </span><span style=\"display:inherit;clear:left;\">The expected useful life is as follows:</span><span style=\"display:inherit;clear:left;position:relative;height:261px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 725.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Software</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">N</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">or</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">mal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ly </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">up-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">wid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">e s</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ys</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ms </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">de</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lop</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">s a</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">n </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">in</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">teg</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ra</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">te</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">d p</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">t </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">of </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">a </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ma</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">jor</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> b</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">us</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ss</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> d</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">eve</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">lo</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">pm</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ent</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.99px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 255.922px; top: 13.627px; width: 97.6406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">pr</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">og</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ram</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">me</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">: </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5-7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> y</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">ea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">rs</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.6348px; width: 679.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Delivery rights</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 187.06px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract; if no contract term has been agreed, normally not exceeding 5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.6348px; width: 694.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Customer relationships</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the customer; if no contract exists, normally not exceeding 15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.6348px; width: 438.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Licence agreements</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depending on contract with the licensor</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.6348px; width: 329.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Land</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 232.201px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not depreciated</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 104.635px; width: 311.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Buildings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20-40 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.635px; width: 291.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.635px; width: 291.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brewery equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.635px; width: 302.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Filling and bottling equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.855px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8-15 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 176.635px; width: 289.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Technical installations in warehouses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 194.635px; width: 288.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade and distribution equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.635px; width: 299.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixtures and fittings, other plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5-8 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.635px; width: 297.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hardware</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-5 years</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.635px; width: 302.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Returnable packaging materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-10 years</span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__85-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Leases</span><span style=\"display:inherit;clear:left;\">At the commencement date, the Group recognises a lease liability and a corresponding right-of-use asset at the same amount, </span><span style=\"display:inherit;clear:left;\">except for short-term leases of 12 months or less and leases of low-value assets, which are not recognised. </span><span style=\"display:inherit;clear:left;\">A right-of-use asset is initially measured at cost, which consists of the initial lease liability and initial direct costs less any lease </span><span style=\"display:inherit;clear:left;\">incentives received. The Group has applied the practical expedient option allowed under IFRS Accounting Standards by using a </span><span style=\"display:inherit;clear:left;\">portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e. cars </span><span style=\"display:inherit;clear:left;\">and trucks. </span><span style=\"display:inherit;clear:left;\">Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement </span><span style=\"display:inherit;clear:left;\">of the lease liability. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. The </span><span style=\"display:inherit;clear:left;\">impairment testing of right-of-use assets follows the same principles as those applied for property, plant and equipment, cf. </span><span style=\"display:inherit;clear:left;\">section\ue7fe2.3. </span><span style=\"display:inherit;clear:left;\">Right-of-use assets are recognised as property, plant and equipment.</span><span style=\"display:inherit;clear:left;\">Lease liability </span><span style=\"display:inherit;clear:left;\">The lease liability is measured at the present value of the remaining lease payments at the reporting date, discounted using the </span><span style=\"display:inherit;clear:left;\">incremental borrowing rate for similar assets, taking into account the terms of the leases. A remeasurement of the lease liability, </span><span style=\"display:inherit;clear:left;\">for example a change in the assessment of an option to extend, results in a corresponding adjustment of the related right-of-use </span><span style=\"display:inherit;clear:left;\">assets, cf. section 2.2. Extension or termination options are included in the lease term if the lease is reasonably certain to be </span><span style=\"display:inherit;clear:left;\">extended or not terminated. Consequently, all cash outflows that are reasonably certain to impact the future cash balances are </span><span style=\"display:inherit;clear:left;\">recognised as lease liabilities at initial recognition of lease contracts. The Group reassesses the circumstances leading to extension </span><span style=\"display:inherit;clear:left;\">or termination options not being recognised.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__90": {
   "value": "<span style=\"display:inherit;clear:left;\">Government grants and other funding</span><span style=\"display:inherit;clear:left;\">Grants and funding received for the acquisition of assets and development projects are recognised in the statement of financial </span><span style=\"display:inherit;clear:left;\">position by deducting the grant from the carrying amount of the asset. The grant is recognised in the income statement over the </span><span style=\"display:inherit;clear:left;\">life of the asset as a reduced depreciation charge.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__92": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 2.3</span><span style=\"display:inherit;clear:left;\">Impairment</span><span style=\"display:inherit;clear:left;\">2.3.1 Recognised impairments</span><span style=\"display:inherit;clear:left;\">The Group has performed impairment tests for goodwill and intangible assets acquired through the acquisition of Britvic as well as </span><span style=\"display:inherit;clear:left;\">for existing goodwill and brands with indefinite useful life at the reporting date. </span><span style=\"display:inherit;clear:left;\">Impairment tests 2025</span><span style=\"display:inherit;clear:left;\">The impairment tests prepared at 31 December 2025 did not identify any indication of impairment of goodwill. </span><span style=\"display:inherit;clear:left;\">The Group recognised an impairment loss of DKK 85m on a local brand with indefinite useful life in the Central &amp; Eastern Europe </span><span style=\"display:inherit;clear:left;\">and India region. In addition, impairment losses of DKK 475m, primarily related to Western Europe, were recognised mainly on </span><span style=\"display:inherit;clear:left;\">property, plant and equipment, including right-of-use assets. These were all recognised in special items. In China, impairment </span><span style=\"display:inherit;clear:left;\">amounting to DKK 100m related to land use rights was reversed.</span><span style=\"display:inherit;clear:left;\">Impairment of non-current assets</span><span style=\"display:inherit;clear:left;position:relative;height:301.3515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.9434px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 355.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 388.166px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.0059px; width: 739.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.054px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 143.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Plant, machinery and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.506px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.399px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 116.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other non-current assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 445.305px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.705px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">66</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 240.881px; width: 739.828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 474.446px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">460</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Of which recognised in special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 337.869px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">560</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">284</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 291.236px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment, discontinued operation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 279.592px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5.3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,258</span></span></span><span style=\"display:inherit;clear:left;\">Impairment tests 2024</span><span style=\"display:inherit;clear:left;\">In 2024, the Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, </span><span style=\"display:inherit;clear:left;\">impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment, of which DKK 93m was recognised in special items. In Asia, impairment losses of DKK 66m were recognised on </span><span style=\"display:inherit;clear:left;\">financial assets. </span><span style=\"display:inherit;clear:left;\">Reversal of impairment </span><span style=\"display:inherit;clear:left;\">Following the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to </span><span style=\"display:inherit;clear:left;\">the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The </span><span style=\"display:inherit;clear:left;\">disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods<span class=\"_ _7\"></span> in net </span><span style=\"display:inherit;clear:left;\">result from discontinued operations, cf. section 5.3.</span><span style=\"display:inherit;clear:left;\">2.3.2 Impairment test of goodwill          </span><span style=\"display:inherit;clear:left;\">The carrying amounts of goodwill relating to the acquisitions of the Britvic Group (2025), Kronenbourg (2008), Chongqing Brewery </span><span style=\"display:inherit;clear:left;\">Group (2013) and the 40% non-controlling interest in Carlsberg Breweries A/S acquired in 2004 prior to the adoption of IFRS each </span><span style=\"display:inherit;clear:left;\">accounted for 10% or more of the total carrying amount of goodwill and brands with indefinite useful life at the reporting date. </span><span style=\"display:inherit;clear:left;\">Goodwill from these acquisitions has been allocated to cash-generating units (CGUs) based on the geographical segmentation.</span><span style=\"display:inherit;clear:left;\">The carrying amount of goodwill is related to the CGUs and allocated to the Group\u2019s geographical segments, which is the level at </span><span style=\"display:inherit;clear:left;\">which it is monitored for internal management purposes. </span><span style=\"display:inherit;clear:left;\">Carrying amount of goodwill allocated to groups of CGUs</span><span style=\"display:inherit;clear:left;position:relative;height:80.37109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.4863px; width: 739.664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 520.148px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,055</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20,354</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 34.3613px; width: 739.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 578.831px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,996</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 51.2363px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 438.892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,578</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 70.2559px; width: 739.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 569.779px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">59,324</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,259</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 The goodwill recognised on the acquisition of Britvic plc in 2025 was allocated to the Western E<span class=\"_ _7\"></span>urope and Central &amp; Eastern Europe and India CGUs. The acquisition of Gorkha Brewery in </span><span style=\"display:inherit;clear:left;\">2024 was allocated to the Central &amp; Eastern Europe and India CGU.</span><span style=\"display:inherit;clear:left;\">The impairment tests prepared at year-end 2025 did not identify any indication of impairment of goodwill. Management\u2019s view is </span><span style=\"display:inherit;clear:left;\">that excess value in the Group\u2019s CGUs is resilient to any likely and reasonable deteriorations in the key assumptions applied. </span><span style=\"display:inherit;clear:left;\">The traditional approach has been applied to measure recoverable amount. This entails a single set of estimated cash flows and a </span><span style=\"display:inherit;clear:left;\">discount rate that incorporates all the expectations about future cash flows. </span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;position:relative;height:160.6171875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 426.266px; top: 0.0097656px; width: 91.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Forecast cash flow </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 552.766px; top: 0.0097656px; width: 77.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Terminal period </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 13.5098px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 481.25px; top: 13.5098px; width: 33.3809px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">growth</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 593.156px; top: 13.5098px; width: 145.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">growth</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 13.2363px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Pre-tax discount rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 418.961px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.7%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.1%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 471.101px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11.1%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 325.881px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14.6%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 97.8848px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.877px; width: 739.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 413.666px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.9%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.752px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 468.761px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12.7%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 148.627px; width: 739.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 370.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14.5%</span></span></span><span style=\"display:inherit;clear:left;\">Cash flow projections for the individual CGUs are based on financial forecasts for the following three years as approved by </span><span style=\"display:inherit;clear:left;\">management. Potential upsides are not identified and adjusted in the cash flows used for impairment testing. Growth is projected in </span><span style=\"display:inherit;clear:left;\">nominal terms and therefore does not translate into cash flow at the same growth rate in the Group\u2019s presentation currency, DKK.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">Goodwill</span><span style=\"display:inherit;clear:left;\">The value in use is the discounted value of the projected future cash flows. The discount rates applied are after tax and reflect </span><span style=\"display:inherit;clear:left;\">current specific risks in the individual markets.</span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;\">The cash flow is based on the budget and target plans for the next three years. Cash flows beyond the three-year period are </span><span style=\"display:inherit;clear:left;\">extrapolated using the terminal period growth rate. The budget and plans for 2026-2028 represent management\u2019s best estimate. </span><span style=\"display:inherit;clear:left;\">The cash flows are discounted using a rate that incorporates all the expectations about the future cash flows and the appropriate </span><span style=\"display:inherit;clear:left;\">risk premium for each CGU. The interest rates used in the impairment tests are based on observable market data. Please refer to </span><span style=\"display:inherit;clear:left;\">the description of discount rates in the section below. </span><span style=\"display:inherit;clear:left;\">The key assumptions on which management bases its cash flow projections are:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Volumes</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Sales prices</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Input costs</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Operating investments</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Terminal period growth</span><span style=\"display:inherit;clear:left;\">The assumptions are determined at CGU level and are based on past experience, external sources of information and industry-</span><span style=\"display:inherit;clear:left;\">relevant observations for each CGU. Local conditions, such as expected developments in macroeconomic and market conditions </span><span style=\"display:inherit;clear:left;\">specific to the individual CGUs, are taken into consideration. The assumptions are challenged and verified by management at CGU </span><span style=\"display:inherit;clear:left;\">and Group level. </span><span style=\"display:inherit;clear:left;\">The budget and target plan processes consider events or circumstances that are relevant to reliably projecting the short-term </span><span style=\"display:inherit;clear:left;\">performance of each CGU. Examples include significant campaign activities, changes in excise duties etc., which may have a short-</span><span style=\"display:inherit;clear:left;\">term impact but are non-recurring. Given their short-term nature, they are not taken into consideration when estimating the </span><span style=\"display:inherit;clear:left;\">terminal period growth rate. </span><span style=\"display:inherit;clear:left;\">Volumes </span><span style=\"display:inherit;clear:left;\">Projec<span class=\"_ _7\"></span>tions ar<span class=\"_ _7\"></span>e based <span class=\"_ _7\"></span>on past <span class=\"_ _7\"></span>experien<span class=\"_ _7\"></span>ce, exte<span class=\"_ _7\"></span>rnal mar<span class=\"_ _7\"></span>ket data<span class=\"_ _7\"></span>, planne<span class=\"_ _7\"></span>d commer<span class=\"_ _7\"></span>cial ini<span class=\"_ _7\"></span>tiatives<span class=\"_ _7\"></span>, such as<span class=\"_ _7\"></span> marketi<span class=\"_ _7\"></span>ng campa<span class=\"_ _7\"></span>igns and<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">sponso<span class=\"_ _7\"></span>rships, <span class=\"_ _7\"></span>and the <span class=\"_ _7\"></span>expected<span class=\"_ _7\"></span> impact <span class=\"_ _7\"></span>on consu<span class=\"_ _7\"></span>mer dema<span class=\"_ _7\"></span>nd and t<span class=\"_ _7\"></span>he level<span class=\"_ _7\"></span> of prem<span class=\"_ _7\"></span>iumisatio<span class=\"_ _7\"></span>n. If re<span class=\"_ _7\"></span>levant, <span class=\"_ _7\"></span>the proj<span class=\"_ _7\"></span>ections <span class=\"_ _7\"></span>are adju<span class=\"_ _7\"></span>sted </span><span style=\"display:inherit;clear:left;\">for th<span class=\"_ _7\"></span>e expec<span class=\"_ _7\"></span>ted chan<span class=\"_ _7\"></span>ges in th<span class=\"_ _7\"></span>e level <span class=\"_ _7\"></span>of premi<span class=\"_ _7\"></span>umisatio<span class=\"_ _7\"></span>n. No ch<span class=\"_ _7\"></span>anges in <span class=\"_ _7\"></span>market s<span class=\"_ _7\"></span>hare are<span class=\"_ _7\"></span> assumed<span class=\"_ _7\"></span> in the <span class=\"_ _7\"></span>medium or<span class=\"_ _7\"></span> long te<span class=\"_ _7\"></span>rm. </span><span style=\"display:inherit;clear:left;\">Demographic expectations general to the industry, such as the development in population, consumption levels, generation-shift </span><span style=\"display:inherit;clear:left;\">patterns, rate of urbanisation and macroeconomic trends, are also considered in medium- and long-term projections.</span><span style=\"display:inherit;clear:left;\">Events and circumstances can impact the timing of volumes entering the market. These include excessive stocking related to an </span><span style=\"display:inherit;clear:left;\">increase in excise duties, campaign activities, and the timing of national holidays and festivals. Such short-term effects are not </span><span style=\"display:inherit;clear:left;\">material to volume projections and do not impact the long-term projections.</span><span style=\"display:inherit;clear:left;\">Sales prices </span><span style=\"display:inherit;clear:left;\">The level of market premiumisation and the locally available portfolio are key drivers in identifying price points. When planning </span><span style=\"display:inherit;clear:left;\">pricing structures, factors including price elasticity, local competition and inflation expectations can also impact the projection. </span><span style=\"display:inherit;clear:left;\">Increases in excise duties are typically passed on to the customers immediately or with a delay of no more than a few months. </span><span style=\"display:inherit;clear:left;\">Since the increase is a pass-through cost and thereby compensated for by price increases at the time of implementation, it does not </span><span style=\"display:inherit;clear:left;\">impact the long-term sales price growth and is therefore not taken into consideration in the projections unless circumstances </span><span style=\"display:inherit;clear:left;\">specifically indicate otherwise. No changes to duties in the short or medium term are taken into consideration unless there is a firm </span><span style=\"display:inherit;clear:left;\">plan to introduce changes. </span><span style=\"display:inherit;clear:left;\">Significant inflationary pressure in recent years has meant revenue growth compensating for rising input costs. The short- and </span><span style=\"display:inherit;clear:left;\">medium-term forecasts include the risk of delays in increasing sales prices to compensate for future rises in input costs.</span><span style=\"display:inherit;clear:left;\">Input costs</span><span style=\"display:inherit;clear:left;\">Input costs in the budget and target plans are based on past experience and on:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Contracted raw and packaging materials</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Contracted services within sales, marketing, </span><span style=\"display:inherit;clear:left;\">production and logistics</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Planned commercial investments</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cost optimisations not related to restructurings </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Expected inflation </span><span style=\"display:inherit;clear:left;\">The elevated level of inflation in recent years has increased the overall input cost level. The short- and medium-term forecast </span><span style=\"display:inherit;clear:left;\">incorporates lower pressure on input costs compared with previous years. In the long term, projections follow the level of inflation. </span><span style=\"display:inherit;clear:left;\">Operating investments </span><span style=\"display:inherit;clear:left;\">Projections are based on past experience of the level of necessary maintenance of existing production capacity, including </span><span style=\"display:inherit;clear:left;\">replacement of parts. This also includes scheduled production line overhauls and improvements to existing equipment. </span><span style=\"display:inherit;clear:left;\">Uncommitted capacity increases and new equipment are not included.</span><span style=\"display:inherit;clear:left;\">Terminal period growth </span><span style=\"display:inherit;clear:left;\">Growth rates are projected to be equal to or below the expected rate of general inflation and assume no nominal economic growth. </span><span style=\"display:inherit;clear:left;\">The projected growth rates and the discount rates applied are compared to ensure a sensible correlation between the two.</span><span style=\"display:inherit;clear:left;\">Discount rates </span><span style=\"display:inherit;clear:left;\">The discount rate is a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the addition of a risk </span><span style=\"display:inherit;clear:left;\">premium relevant to each market. </span><span style=\"display:inherit;clear:left;\">The risk-free interest rates used in the impairment tests are based on observed market data. For countries where long-term risk-</span><span style=\"display:inherit;clear:left;\">free interest rates are not observable or valid due to specific national or macroeconomic conditions, the interest rate is estimated </span><span style=\"display:inherit;clear:left;\">based on observations from other markets and/or long-term expectations expressed by international financial institutions </span><span style=\"display:inherit;clear:left;\">considered reliable by the Group. </span><span style=\"display:inherit;clear:left;\">The added credit risk premium (spread) for the risk-free interest rate is fixed at market price or slightly higher, reflecting the </span><span style=\"display:inherit;clear:left;\">expected long-term market price. The aggregate interest rate, including spread, thereby reflects the long-term interest rate </span><span style=\"display:inherit;clear:left;\">applicable to the Group\u2019s investments in the individual markets.</span><span style=\"display:inherit;clear:left;\">2.3.3 Impairment test of brands</span><span style=\"display:inherit;clear:left;\">Brands with indefinite useful life</span><span style=\"display:inherit;clear:left;position:relative;height:198.49609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.4863px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.55px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 34.3613px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg 1664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 520.624px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,954</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,952</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 51.2363px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 556.414px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,333</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.1113px; width: 739.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Robinsons</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 559.612px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,415</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 87.1309px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Significant brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 516.064px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,606</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,285</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 101.861px; width: 739.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 528.007px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,926</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">694</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 118.736px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.763px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">419</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 135.611px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.041px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">995</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,110</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 152.486px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not allocated</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 547.252px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">945</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">945</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.506px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 538.834px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,285</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,226</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 188.381px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 539.291px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,891</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,511</span></span></span><span style=\"display:inherit;clear:left;\">Brands with indefinite useful life that are individually material to the Group comprise International brands (acquired 2004), </span><span style=\"display:inherit;clear:left;\">Kronenbourg 1664 (acquired 2008), Chongqing (acquired 2013) and Robinsons (acquired 2025). International brands is a group of </span><span style=\"display:inherit;clear:left;\">brands acquired with the 40% non-controlling interest in Carlsberg Breweries A/S and allocated to Western Europe.</span><span style=\"display:inherit;clear:left;\">In 2025, significant brands represented 59% (2024: 66%) of the total carrying amount of brands with indefinite useful life<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">Other brands comprise a total of 26 brands (2024: 20 brands) that are not individually material compared with the total carrying </span><span style=\"display:inherit;clear:left;\">amount, including the newly acquired brands from the Britvic Group.</span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;position:relative;height:186.4921875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 362.891px; top: 0.0097656px; width: 42.0996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 472.891px; top: 0.0097656px; width: 44.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Terminal </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 592.094px; top: 0.0097656px; width: 38.0742px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Pre-tax </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.344px; top: 0.0097656px; width: 43.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Post-tax </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 13.5098px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 328.875px; top: 13.5098px; width: 73.4062px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">revenue growth</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 448.797px; top: 13.5098px; width: 65.8594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">period growth</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 566.875px; top: 13.5098px; width: 61.084px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">discount rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 13.5098px; width: 61.084px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">discount rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.988px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.4%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.734px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg 1664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.7%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">.1%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Robinsons</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.8%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.76px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.752px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.988px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.2%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 157.627px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg 1664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.8%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.7%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.3%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 174.502px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 330.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.7%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.2%</span></span></span><span style=\"display:inherit;clear:left;\">Impairment of brands</span><span style=\"display:inherit;clear:left;\">Central &amp; Eastern Europe and India</span><span style=\"display:inherit;clear:left;\">In 2025, brand impairment losses totalling DKK 85m were recognised on a local Lithuanian mainstream brand. The impairment is the </span><span style=\"display:inherit;clear:left;\">result of the local beer market being generally subdued, impacted among other things by poor weather and local economic </span><span style=\"display:inherit;clear:left;\">slowdown due to war perception.</span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2024. </span><span style=\"display:inherit;clear:left;\">Western Europe</span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2025. </span><span style=\"display:inherit;clear:left;\">In 2024, total impairment losses of DKK 125m were recognised on various local and regional brands. These reflected a long-term </span><span style=\"display:inherit;clear:left;\">decline within the ale category in the UK due to changing consumer preferences, while in Germany the market showed a decline in </span><span style=\"display:inherit;clear:left;\">volumes because of the industry as a whole having been hit hard by inflation, with high raw material and logistics costs.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Asia</span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2025 or 2024.</span><span style=\"display:inherit;clear:left;\">Non-allocated </span><span style=\"display:inherit;clear:left;\">No brand impairments were recognised in 2025 or 2024.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">The test for impairment of brands is performed using the relief from royalty method and is based on the expected future cash flows </span><span style=\"display:inherit;clear:left;\">generated from the royalty payments avoided for the individual brand for the next 10 years and projections for subsequent years. </span><span style=\"display:inherit;clear:left;\">The cash flows are discounted using a weighted average cost of capital (WACC) that reflects the risk-free interest rate with the </span><span style=\"display:inherit;clear:left;\">addition of a risk premium relevant to the individual market where cash flows are generated, cf. section<span class=\"_ _7\"></span> 2.3.2. For brands where </span><span style=\"display:inherit;clear:left;\">cash flows are generated in more than one market, the cash flows generated in secondary markets are adjusted for the inflationary </span><span style=\"display:inherit;clear:left;\">difference compared with the inflation in the main market before being discounted. </span><span style=\"display:inherit;clear:left;\">Key assumptions </span><span style=\"display:inherit;clear:left;\">The key assumptions on which management bases its cash flow projection include the expected useful life, revenue growth, a </span><span style=\"display:inherit;clear:left;\">theoretical tax amortisation benefit, the royalty, terminal growth rate and the discount rate. </span><span style=\"display:inherit;clear:left;\">Expected useful life </span><span style=\"display:inherit;clear:left;\">Management has assessed that the value of brands with indefinite useful life can be maintained for an indefinite period, as these </span><span style=\"display:inherit;clear:left;\">are well-established brands in their markets, having existed for decades or even centuries. The beer and soft drinks industries are </span><span style=\"display:inherit;clear:left;\">characterised as being very stable with consistent consumer demand and a predictable competitive environment, and are expected </span><span style=\"display:inherit;clear:left;\">to be profitable for the foreseeable future. Control of the brands is legally established and enforceable indefinitely. </span><span style=\"display:inherit;clear:left;\">In management\u2019s opinion, the risk of the useful life of these brands becoming finite is minimal because of their individual market </span><span style=\"display:inherit;clear:left;\">positions and because current and planned marketing initiatives including innovation and promotional activities for beer and soft </span><span style=\"display:inherit;clear:left;\">drinks are expected to sustain their useful life.</span><span style=\"display:inherit;clear:left;\">Revenue growth </span><span style=\"display:inherit;clear:left;\">At the time of acquisition of any individual brand, a revenue growth curve is forecast based on a long-term strategic view of the risk </span><span style=\"display:inherit;clear:left;\">and opportunities relevant to the brand. The curve is projected for a 10-year horizon. This horizon reliably reflects the lengthy </span><span style=\"display:inherit;clear:left;\">process of implementing brand strategies to support a brand occupying its intended place in the Group\u2019s portfolio. The forecast </span><span style=\"display:inherit;clear:left;\">period applied is comparable to the common term of the majority of licence agreements to which the Group is party. </span><span style=\"display:inherit;clear:left;\">In the local markets, the product portfolio usually consists of local power brands and international premium brands. Following the </span><span style=\"display:inherit;clear:left;\">acquisition of Britvic, the portfolio now also includes soft drinks brands, which requires consideration of non-alcoholic beverage </span><span style=\"display:inherit;clear:left;\">market dynamics such as health trends, sugar regulations and category innovation. When projecting revenue growth for local </span><span style=\"display:inherit;clear:left;\">brands, in addition to their commercial strength \u2013 such as market share and segment position \u2013 the forecast takes into </span><span style=\"display:inherit;clear:left;\">consideration the demographics of the primary markets, including expected developments in population, consumption levels, </span><span style=\"display:inherit;clear:left;\">generation-shift patterns, rate of urbanisation, soft drinks and beer market maturity, level of premiumisation, circumstances </span><span style=\"display:inherit;clear:left;\">generally limiting the growth opportunities for alcoholic beverages and soft drinks etc. </span><span style=\"display:inherit;clear:left;\">For<span class=\"_ _7\"></span> bran<span class=\"_ _7\"></span>ds w<span class=\"_ _7\"></span>ith g<span class=\"_ _7\"></span>loba<span class=\"_ _7\"></span>l or <span class=\"_ _7\"></span>regi<span class=\"_ _7\"></span>onal <span class=\"_ _7\"></span>pres<span class=\"_ _7\"></span>ence<span class=\"_ _7\"></span>, enh<span class=\"_ _7\"></span>ance<span class=\"_ _7\"></span>d inv<span class=\"_ _7\"></span>estm<span class=\"_ _7\"></span>ents<span class=\"_ _7\"></span> in p<span class=\"_ _7\"></span>rodu<span class=\"_ _7\"></span>ct de<span class=\"_ _7\"></span>velo<span class=\"_ _7\"></span>pmen<span class=\"_ _7\"></span>t and<span class=\"_ _7\"></span> mar<span class=\"_ _7\"></span>keti<span class=\"_ _7\"></span>ng ar<span class=\"_ _7\"></span>e ex<span class=\"_ _7\"></span>pect<span class=\"_ _7\"></span>ed. T<span class=\"_ _7\"></span>he e<span class=\"_ _7\"></span>xpec<span class=\"_ _7\"></span>ted </span><span style=\"display:inherit;clear:left;\">gro<span class=\"_ _7\"></span>wth r<span class=\"_ _7\"></span>ate <span class=\"_ _7\"></span>for <span class=\"_ _7\"></span>these<span class=\"_ _7\"></span> bra<span class=\"_ _7\"></span>nds i<span class=\"_ _7\"></span>s ge<span class=\"_ _7\"></span>neral<span class=\"_ _7\"></span>ly h<span class=\"_ _7\"></span>ighe<span class=\"_ _7\"></span>r tha<span class=\"_ _7\"></span>n fo<span class=\"_ _7\"></span>r mor<span class=\"_ _7\"></span>e lo<span class=\"_ _7\"></span>calis<span class=\"_ _7\"></span>ed b<span class=\"_ _7\"></span>rands<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> is u<span class=\"_ _7\"></span>sual<span class=\"_ _7\"></span>ly hi<span class=\"_ _7\"></span>ghes<span class=\"_ _7\"></span>t ear<span class=\"_ _7\"></span>ly i<span class=\"_ _7\"></span>n th<span class=\"_ _7\"></span>e 10-<span class=\"_ _7\"></span>year<span class=\"_ _7\"></span> per<span class=\"_ _7\"></span>iod. </span><span style=\"display:inherit;clear:left;\">Depending on the nominal growth expectations for the individual brand, the revenue growth in individual years may be above, </span><span style=\"display:inherit;clear:left;\">equal to or below the forecast inflation level in the markets where the brand is present. </span><span style=\"display:inherit;clear:left;\">When preparing budgets, consideration is given to events or circumstances that are relevant to reliably projecting the short-term </span><span style=\"display:inherit;clear:left;\">performance of each brand. Examples include significant campaign activities and changes in excise duties etc., which may have a </span><span style=\"display:inherit;clear:left;\">short-term impact but are non-recurring and quickly absorbed by the business. Since the impact is not material to the long-term </span><span style=\"display:inherit;clear:left;\">projections, it is not taken into consideration when estimating the long-term and terminal period growth rates. Please refer to the </span><span style=\"display:inherit;clear:left;\">description of the impact of increases in excise duties in the description of sales prices in section<span class=\"_ _7\"></span> 2.3.2. </span><span style=\"display:inherit;clear:left;\">Tax benefit </span><span style=\"display:inherit;clear:left;\">The theoretical tax benefit applied in the test uses tax rates and amortisation periods based on current legislation. The impairment </span><span style=\"display:inherit;clear:left;\">test applies tax rates in the range of 15-34% and amortisation periods of 5-25 years.</span><span style=\"display:inherit;clear:left;\">Royalty rate</span><span style=\"display:inherit;clear:left;\">Royalties generated by a brand are based on the Group\u2019s total income from the brand and are earned globally, i.e. the income is </span><span style=\"display:inherit;clear:left;\">also earned outside the CGU that owns the brand. If external licence agreements for the brand already exist, the market terms of </span><span style=\"display:inherit;clear:left;\">such agreements are taken into consideration when assessing the royalty rate that the brand is expected to generate in a </span><span style=\"display:inherit;clear:left;\">transaction with independent parties. The royalty rate is based on the actual market position of the individual brand in the global, </span><span style=\"display:inherit;clear:left;\">regional and local markets, and assumes a 10-year horizon. This term is common to the beverage industry when licensing brands.</span><span style=\"display:inherit;clear:left;\">Royalty rates</span><span style=\"display:inherit;clear:left;position:relative;height:46.671875px;\"><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0019531px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">International, premium and speciality products</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 486.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.5-7.5%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 18.002px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Strong regional and national brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 530.835px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0-6.0%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 34.6738px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Local and mainstream brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 561.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0-3.5%</span></span></span><span style=\"display:inherit;clear:left;\">Identification of cash-generating units </span><span style=\"display:inherit;clear:left;\">The Group\u2019s management structure reflects the geographical segments, cf. section 1.1, and decisions are made by the regional </span><span style=\"display:inherit;clear:left;\">managements responsible for performance, operating investments and growth initiatives in their respective regions. </span><span style=\"display:inherit;clear:left;\">There is significant vertical integration of the production, logistics and sales functions, supporting and promoting optimisations </span><span style=\"display:inherit;clear:left;\">across the Group or within regions. </span><span style=\"display:inherit;clear:left;\">Assets, ot<span class=\"_ _7\"></span>her than good<span class=\"_ _7\"></span>will and brand<span class=\"_ _7\"></span>s with regiona<span class=\"_ _7\"></span>l and global pr<span class=\"_ _7\"></span>esence, are al<span class=\"_ _7\"></span>located to ind<span class=\"_ _7\"></span>ividual cash-g<span class=\"_ _7\"></span>enerating uni<span class=\"_ _7\"></span>ts (CGUs), </span><span style=\"display:inherit;clear:left;\">being the<span class=\"_ _7\"></span> level at whic<span class=\"_ _7\"></span>h the assets ge<span class=\"_ _7\"></span>nerate largely<span class=\"_ _7\"></span> independent <span class=\"_ _7\"></span>cash inflows. <span class=\"_ _7\"></span>As the Group <span class=\"_ _7\"></span>operates with <span class=\"_ _7\"></span>local sales and<span class=\"_ _7\"></span> production </span><span style=\"display:inherit;clear:left;\">organisat<span class=\"_ _7\"></span>ions, the cash<span class=\"_ _7\"></span> inflows are m<span class=\"_ _7\"></span>ostly generat<span class=\"_ _7\"></span>ed locally, an<span class=\"_ _7\"></span>d the CGUs are<span class=\"_ _7\"></span> therefore us<span class=\"_ _7\"></span>ually identifi<span class=\"_ _7\"></span>ed at country<span class=\"_ _7\"></span> level. </span><span style=\"display:inherit;clear:left;\">The determination of CGU allocation is made, and cash inflows are assessed in connection with the purchase price allocation, within </span><span style=\"display:inherit;clear:left;\">12 months from the date of acquisition. </span><span style=\"display:inherit;clear:left;\">Goodwill </span><span style=\"display:inherit;clear:left;\">Goodwill does not generate largely independent cash inflows on its own and is therefore allocated to the Group\u2019s geographical </span><span style=\"display:inherit;clear:left;\">segments, which is the level at which it is monitored for internal management purposes. </span><span style=\"display:inherit;clear:left;\">At the time of acquisition of entities, goodwill is allocated to a CGU. The structure and groups of CGUs are reassessed every year. </span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">Cash flows for brands are separately identifiable and brands are therefore tested individually for impairment. This test is performed </span><span style=\"display:inherit;clear:left;\">in addition to the test for impairment of goodwill. </span><span style=\"display:inherit;clear:left;\">Corporate assets </span><span style=\"display:inherit;clear:left;\">The Group has identified capitalised software relating to the Group\u2019s ERP systems as corporate assets, and as such these are </span><span style=\"display:inherit;clear:left;\">peripheral to the generation of cash inflows. The Group\u2019s ERP landscape is closely linked to the internal management structure, and </span><span style=\"display:inherit;clear:left;\">the identified assets are therefore tested for impairment at the CGU level to which goodwill is allocated. </span><span style=\"display:inherit;clear:left;\">Other non-current assets </span><span style=\"display:inherit;clear:left;\">Other non\u2011current assets are tested for impairment when indications of impairment exist. </span><span style=\"display:inherit;clear:left;\">For property, plant and equipment, management performs an annual assessment of the assets\u2019 future application, for example in </span><span style=\"display:inherit;clear:left;\">relation to changes in production structure, restructurings or brewery closures.</span><span style=\"display:inherit;clear:left;\">The impairment assessment also covers brands with finite useful life, customer relationships and licence agreements recognised as </span><span style=\"display:inherit;clear:left;\">intangible assets. Indicators of impairment include decreases in revenue or margins, loss of significant customers, market declines, </span><span style=\"display:inherit;clear:left;\">and increased cost pressures that suggest that the carrying amount may not be recoverable. Where such indications are identified, </span><span style=\"display:inherit;clear:left;\">the recoverable amount is estimated and an impairment loss is recognised if the carrying amount exceeds the recoverable amount.</span><span style=\"display:inherit;clear:left;\">Other non-current assets are tested for impairment when indications of impairment exist. </span><span style=\"display:inherit;clear:left;\">Key considerations in impairment tests</span><span style=\"display:inherit;clear:left;position:relative;height:99.7734375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 393.938px; top: 0.0097656px; width: 197.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.387px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brands</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.1582px; width: 633.68px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CGU level of test</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 317.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Geographical segment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Individual brand</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 37.1582px; width: 699.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Method to estimate recoverable amount</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.512px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Value in use</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value less cost of disposal</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.1582px; width: 552.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Method to estimate present value of future cash flows</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.826px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Traditional approach: single most </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 560.141px; top: 55.1582px; width: 157.137px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Traditional approach: single most </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 393.938px; top: 68.6582px; width: 101.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">likely future cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 560.141px; top: 68.6582px; width: 101.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">likely future cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 87.7832px; width: 643.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discount rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Risk-adjusted rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Risk-adjusted rate</span></span></span><span style=\"display:inherit;clear:left;\">For investments in associates, examples of indications of impairment are loss-making activities or significant changes in the </span><span style=\"display:inherit;clear:left;\">business environment.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the </span><span style=\"display:inherit;clear:left;\">year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the </span><span style=\"display:inherit;clear:left;\">level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be </span><span style=\"display:inherit;clear:left;\">recoverable. If an asset\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable </span><span style=\"display:inherit;clear:left;\">amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. </span><span style=\"display:inherit;clear:left;\">For all assets, the recoverable amount is assessed based on budget and target plan with reference to the expected future net cash </span><span style=\"display:inherit;clear:left;\">flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted </span><span style=\"display:inherit;clear:left;\">by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied. </span><span style=\"display:inherit;clear:left;\">Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and </span><span style=\"display:inherit;clear:left;\">losses arising on significant restructurings of processes and structural adjustments are recognised in special items. Minor losses are </span><span style=\"display:inherit;clear:left;\">recognised in the income statement in the relevant line item. </span><span style=\"display:inherit;clear:left;\">Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and </span><span style=\"display:inherit;clear:left;\">estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount </span><span style=\"display:inherit;clear:left;\">does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.</span><span style=\"display:inherit;clear:left;\">2.3.4 Sensitivity tests</span><span style=\"display:inherit;clear:left;\">Sensitivity tests have been performed to determine the lowest forecast and terminal period growth rates and/or highest discount </span><span style=\"display:inherit;clear:left;\">rates that can occur in the groups of CGUs and brands with indefinite useful life without leading to any impairment loss. </span><span style=\"display:inherit;clear:left;\">Goodwill</span><span style=\"display:inherit;clear:left;\">The test for impairment of goodwill did not identify any CGUs or groups of CGUs to which goodwill is allocated where a reasonably </span><span style=\"display:inherit;clear:left;\">possible negative change in a key assumption would cause the carrying amount to exceed the recoverable amount<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">Brands</span><span style=\"display:inherit;clear:left;\">Following the acquisition of the Britvic Group, purchase price allocation was performed in accordance with IFRS 3. The allocation </span><span style=\"display:inherit;clear:left;\">resulted in recognition of brands, valued at DKK 3,755m for the UK, Ireland, France and Brazil. These valuations reflect inherent </span><span style=\"display:inherit;clear:left;\">sensitivity to assumptions such as royalty rates, discount rates (WACC) and long-term growth, and will be subject to annual </span><span style=\"display:inherit;clear:left;\">impairment testing. These brands are sensitive to reasonably possible negative changes in key assumptions. A reasonably possible </span><span style=\"display:inherit;clear:left;\">negative change in a key assumption would also cause the carrying amount of brands written down during the year or in previous </span><span style=\"display:inherit;clear:left;\">years to exceed the recoverable amount. However, management considers the risk of a significant write-down on these brands to be </span><span style=\"display:inherit;clear:left;\">low.</span><span style=\"display:inherit;clear:left;\">Key assumptions</span><span style=\"display:inherit;clear:left;\">The key assumptions relevant to the assessment of the recoverable amount are:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Useful life </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Revenue growth</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Royalty rate </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Discount rate</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Terminal growth rate</span><span style=\"display:inherit;clear:left;\">The assumptions for volume and price are closely linked, which, together with the presence of multiple sub-brands in various </span><span style=\"display:inherit;clear:left;\">geographies within each brand, makes individual sensitivity testing based on these two assumptions highly impractical. Instead, </span><span style=\"display:inherit;clear:left;\">sensitivity testing is performed for the overall revenue growth rate, in both the forecast period and the terminal period.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__91-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 2.3</span><span style=\"display:inherit;clear:left;\">Impairment</span><span style=\"display:inherit;clear:left;\">2.3.1 Recognised impairments</span><span style=\"display:inherit;clear:left;\">The Group has performed impairment tests for goodwill and intangible assets acquired through the acquisition of Britvic as well as </span><span style=\"display:inherit;clear:left;\">for existing goodwill and brands with indefinite useful life at the reporting date. </span><span style=\"display:inherit;clear:left;\">Impairment tests 2025</span><span style=\"display:inherit;clear:left;\">The impairment tests prepared at 31 December 2025 did not identify any indication of impairment of goodwill. </span><span style=\"display:inherit;clear:left;\">The Group recognised an impairment loss of DKK 85m on a local brand with indefinite useful life in the Central &amp; Eastern Europe </span><span style=\"display:inherit;clear:left;\">and India region. In addition, impairment losses of DKK 475m, primarily related to Western Europe, were recognised mainly on </span><span style=\"display:inherit;clear:left;\">property, plant and equipment, including right-of-use assets. These were all recognised in special items. In China, impairment </span><span style=\"display:inherit;clear:left;\">amounting to DKK 100m related to land use rights was reversed.</span><span style=\"display:inherit;clear:left;\">Impairment of non-current assets</span><span style=\"display:inherit;clear:left;position:relative;height:301.3515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.9434px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">85</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 355.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 388.166px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.0059px; width: 739.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.054px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">165</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 143.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Property, plant and equipment</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Plant, machinery and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.506px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.399px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 116.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other non-current assets</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 445.305px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.705px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">66</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 240.881px; width: 739.828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total impairment losses, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 474.446px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">460</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">327</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Of which recognised in special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 337.869px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">560</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">284</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 291.236px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment, discontinued operation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 279.592px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">5.3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,258</span></span></span><span style=\"display:inherit;clear:left;\">Impairment tests 2024</span><span style=\"display:inherit;clear:left;\">In 2024, the Group recognised impairment losses of DKK 125m on brands with indefinite useful life in Western Europe. In addition, </span><span style=\"display:inherit;clear:left;\">impairment losses of DKK 136m primarily related to Western Europe were recognised on other intangible assets and property, plant </span><span style=\"display:inherit;clear:left;\">and equipment, of which DKK 93m was recognised in special items. In Asia, impairment losses of DKK 66m were recognised on </span><span style=\"display:inherit;clear:left;\">financial assets. </span><span style=\"display:inherit;clear:left;\">Reversal of impairment </span><span style=\"display:inherit;clear:left;\">Following the issuance of the presidential decree in July 2023, temporarily transferring the management of our Russian business to </span><span style=\"display:inherit;clear:left;\">the Russian government, the business was fully impaired \u2013 resulting in an impairment loss of DKK 7,002m \u2013 and deconsolidated. The </span><span style=\"display:inherit;clear:left;\">disposal of the Russian business in 2024 led to the reversal of impairment losses of DKK 2,258m recognised in prior periods<span class=\"_ _7\"></span> in net </span><span style=\"display:inherit;clear:left;\">result from discontinued operations, cf. section 5.3.</span><span style=\"display:inherit;clear:left;\">Associates</span><span style=\"display:inherit;clear:left;\">Key figures for associates</span><span style=\"display:inherit;clear:left;position:relative;height:127.51171875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 615.826px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 454.886px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Group share</span></span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 532.984px; top: 20.6348px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 20.6348px; width: 28.0195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.531px; top: 34.1348px; width: 29.4141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 490.844px; top: 34.1348px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.859px; top: 34.1348px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 672.141px; top: 34.1348px; width: 70.6172px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.8965px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 429.531px; top: 47.6348px; width: 40.793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">after tax</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 525.375px; top: 47.6348px; width: 33.4863px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 616.016px; top: 47.6348px; width: 33.4863px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 47.6348px; width: 48.4629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">associates</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.7715px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.92px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">660</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">660</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,325</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 98.2598px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.396px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 428.603px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">616</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">616</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,546</span></span></span><span style=\"display:inherit;clear:left;\">Investments in associates mainly include the businesses in Portugal (60%), Myanmar (61%<span class=\"_ _7\"></span>), Carlsberg Byen in Denmark (25%) </span><span style=\"display:inherit;clear:left;\">and\ue7fefour associates in China (50%). The total investment in these associates amounted to DKK 2,800m<span class=\"_ _7\"></span> at 31 December 2025 </span><span style=\"display:inherit;clear:left;\">(2024:\ue7feDKK\ue7fe2,925m). </span><span style=\"display:inherit;clear:left;\">The Group\u2019s effective ownership of Super Bock Group, Portugal, is 60%. Nevertheless, Super Bock remains an associate of the Group </span><span style=\"display:inherit;clear:left;\">due to the ownership structure. Please refer to section 10 for further details.</span><span style=\"display:inherit;clear:left;\">Despite the 61% legal ownership share in Myanmar Carlsberg, the entity is classified as an associate due to the structure of the </span><span style=\"display:inherit;clear:left;\">agreement with the partner and the business environment in the country.</span><span style=\"display:inherit;clear:left;\">For associates in which the Group holds an ownership interest of less than 20% and participates in the management of the entity, </span><span style=\"display:inherit;clear:left;\">the Group is considered to be exercising significant influence. None of the associates are material to the Group.</span><span style=\"display:inherit;clear:left;\">2025</span><span style=\"display:inherit;clear:left;\">A deferred consideration of DKK 15m was paid in 2025 relating to the acquired 20% stake in the Danish craft brewer Mikkeller. </span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">The Group acquired a 20% stake in Mikkeller and entered into a sales and distribution agreement for the Danish market. The </span><span style=\"display:inherit;clear:left;\">purchase price was DKK 130m, of which DKK 15m was deferred to 2025.  </span><span style=\"display:inherit;clear:left;\">The Group acquired a minority stake in Brasserie du Pays Flamand for DKK 46m with the aim of accelerating the rollout of the </span><span style=\"display:inherit;clear:left;\">Anostek\u00e9 brand in France.</span><span style=\"display:inherit;clear:left;\">The Group gained control of the associate Gorkha Brewery through a step acquisition.</span><span style=\"display:inherit;clear:left;\">Fair value of investments in listed associates</span><span style=\"display:inherit;clear:left;position:relative;height:31.3515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">The Lion Brewery Ceylon, Sri Lanka</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 444.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">695</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">581</span></span></span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">On acquisition of non-controlling interests, i.e. subsequent to the Group obtaining control, acquired net assets are not measured at </span><span style=\"display:inherit;clear:left;\">fair value. The difference between the cost and the non-controlling interests\u2019 share of the total carrying amount is transferred from </span><span style=\"display:inherit;clear:left;\">the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot </span><span style=\"display:inherit;clear:left;\">exceed the non-controlling interests\u2019 share of equity immediately before the transaction. </span><span style=\"display:inherit;clear:left;\">On disposal of shareholdings to non-controlling interests, the difference between the sales price and the share of the total carrying </span><span style=\"display:inherit;clear:left;\">amount, including goodwill acquired by the non-controlling interests, is transferred from equity attributable to shareholders in </span><span style=\"display:inherit;clear:left;\">Carlsberg A/S to the non-controlling interests.</span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. </span><span style=\"display:inherit;clear:left;\">Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for </span><span style=\"display:inherit;clear:left;\">the Group\u2019s share of the profit or loss and other comprehensive income of the associate after the date of acquisition. The share of </span><span style=\"display:inherit;clear:left;\">the result must be calculated in accordance with the Group\u2019s accounting policies. The proportionate share of unrealised intra-group </span><span style=\"display:inherit;clear:left;\">profits and losses is eliminated. Investments in associates with negative net asset values are measured at DKK 0.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">If the Group has a legal or constructive obligation to cover a deficit in the associate, the deficit is recognised under provisions. Any </span><span style=\"display:inherit;clear:left;\">amounts owed by associates are written down to the extent that the amount owed is deemed irrecoverable. </span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.</span><span style=\"display:inherit;clear:left;\">SECTION 10 </span><span style=\"display:inherit;clear:left;\">GROUP COMPANIES</span><span style=\"display:inherit;clear:left;\">This section lists the subsidiaries and associates in the Group. Parent direct ownership shows the </span><span style=\"display:inherit;clear:left;\">legal ownership held by the immediate holding company in the Group. Cross-holdings held by </span><span style=\"display:inherit;clear:left;\">fully owned companies in the Group are aggregated. Consolidated ownership shows the share of </span><span style=\"display:inherit;clear:left;\">the result of the entity that is attributed to the shareholders of Carlsberg A/S in the consolidated </span><span style=\"display:inherit;clear:left;\">financial statements.</span><span style=\"display:inherit;clear:left;position:relative;height:700.6171875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 0.0097656px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 0.0097656px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 0.0097656px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 0.0097656px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 13.5098px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 13.5098px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 13.5098px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 13.5098px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Breweries A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 181.711px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.1348px; width: 75.6445px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 80.9238px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Danmark A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 97.7988px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Danmark A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.674px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Sweden Holding 2 AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.262px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 131.549px; width: 727.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Sverige AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 148.627px; width: 727.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Nya Carnegiebryggeriet AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.213px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.336px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 165.502px; width: 178.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Sverige AB</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 165.299px; width: 446.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 182.174px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Norge AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.971px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 225.457px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 199.049px; width: 727.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 229.119px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 215.924px; width: 718.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Brygghus AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 232.799px; width: 718.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Solo AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 236.596px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.357px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 249.877px; width: 727.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">E.C. Dahls Bryggeri AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 176.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 293.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 266.549px; width: 726.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Supply Company AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 147.574px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 283.424px; width: 726.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Farris Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.931px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 300.299px; width: 726.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Imsdal Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.699px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 293.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 317.174px; width: 727.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Administrasjon Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.24px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 334.049px; width: 726.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Gjeller\u00e5sen Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.684px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 293.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 350.924px; width: 739.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Oy Sinebrychoff Ab</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Finland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.004px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 367.799px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sinebrychoff Supply Company Oy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.941px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Finland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.004px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 384.674px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Deutschland Holding GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 401.549px; width: 727.131px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Deutschland Logistik GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 418.424px; width: 726.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tuborg Deutschland GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 155.467px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 435.299px; width: 727.096px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Deutschland GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.826px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 452.174px; width: 718.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Duckstein GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 195.129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 469.049px; width: 718.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Holzmarkt Beteiligungsgesellschaft mbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 485.924px; width: 718.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Holsten-Brauerei AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 177.316px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 503.002px; width: 726.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Deutschland GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 519.877px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Polska SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Poland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 536.752px; width: 727.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Polska Sp. z o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.855px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Poland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 553.627px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg UK Holdings Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.121px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 570.502px; width: 727.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Marston's Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.121px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 587.377px; width: 718.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Marston's Brewing Company Ltd.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 604.252px; width: 718.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Marston's Beer Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.375px; top: 621.127px; width: 709.945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CMBC Supply Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.375px; top: 638.002px; width: 710.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CM Brewery Holdings Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 125.777px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 654.877px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic plc</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 671.752px; width: 729.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britannia Soft Drinks Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 246.029px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 688.627px; width: 717.562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Scottish Ltd Partnership</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 130.359px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:551.41015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 100.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 33.1738px; width: 735.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.1 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 50.0488px; width: 735.451px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.2 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 66.9238px; width: 735.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.3 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 83.7988px; width: 735.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.4 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 172.945px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 100.674px; width: 735.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Property Partnership</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.756px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 117.549px; width: 735.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Brands LLP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.82px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 134.424px; width: 735.422px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic EMEA Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 191.701px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 151.299px; width: 735.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Soft Drinks Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 246.029px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 168.174px; width: 726.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Jimmy's Iced Coffee Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 185.049px; width: 726.656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Robinsons Soft Drinks Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 201.924px; width: 735.404px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Overseas Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.156px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 218.799px; width: 726.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic France SAS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 235.674px; width: 726.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Pressade SAS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 252.549px; width: 726.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Teisseire France SAS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 269.424px; width: 726.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Irish Holdings Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 149.631px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 286.299px; width: 717.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Aquaporte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.377px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 303.174px; width: 717.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Ireland Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 190.429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 320.049px; width: 717.604px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Ireland Pension Trust DAC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 336.924px; width: 717.82px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Northern Ireland Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 353.799px; width: 735.422px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic North America LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">USA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 370.674px; width: 739.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Emeraude S.A.S.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 230.203px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 387.549px; width: 727.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg S.A.S.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 192.533px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 229.506px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 20.9531px; top: 404.424px; width: 718.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg Supply Company S.A.S.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 421.299px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Feldschl\u00f6sschen Getr\u00e4nke Holding AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 207.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 438.174px; width: 727.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Feldschl\u00f6sschen Getr\u00e4nke AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 20.9531px; top: 455.049px; width: 718.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Schlossgarten Gastronomie AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.738px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 471.924px; width: 727.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SB Swiss Beverage AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 176.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 488.799px; width: 727.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Feldschl\u00f6sschen Supply Company AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 505.674px; width: 727.137px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 522.549px; width: 739.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Grimbergen Abbey Brewery</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.404px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Belgium</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 539.424px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Zatecky Pivovar spol. S.r.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Czechia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:305.03515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 27.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.1738px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Asia Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 191.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 284.32px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 50.0488px; width: 727.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery Hong Kong Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.625px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hong Kong SAR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 66.9238px; width: 718.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Guangzhou Carlsberg Investment Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 83.7988px; width: 718.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing Brewery Co., Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.889px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.086px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.133px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 100.674px; width: 228.463px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Chongqing Breweries Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 100.471px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 462.438px; top: 100.674px; width: 277.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">B</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 117.549px; width: 202.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kunming Huashi Brewery Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 117.346px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 117.549px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 135.174px; width: 236.613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg (China) Breweries and Trading Company </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 134.221px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 147.924px; width: 34.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 147.924px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 164.799px; width: 718.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery (Guangdong) Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.748px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">99%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 181.674px; width: 718.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Xinjiang Wusu Breweries Co., Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.359px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 234.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 198.549px; width: 718.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ningxia Xixia Jianiang Brewery Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">56%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 215.424px; width: 263.08px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Beijing Capital Brewing Jinmai Trading Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 215.221px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 215.424px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 232.299px; width: 241.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">G-Shell Asia Pacific (Beijing) Food Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 232.096px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 232.299px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 249.924px; width: 244.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Beer Enterprise Management (Chongqing) </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 248.971px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 262.674px; width: 81.5039px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 262.674px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 280.299px; width: 124.799px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery (Anhui) </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 279.346px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 293.049px; width: 62.3965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Company Ltd</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 629.562px; top: 293.049px; width: 109.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">75%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:298.28515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 27.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.4531px; top: 33.1738px; width: 244.928px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Tianmuhu Brewery (Jiangsu) Company Ltd</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 32.9707px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 33.1738px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 50.0488px; width: 727.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lao Brewery Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Laos</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 66.9238px; width: 727.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Korea Ltd. </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">South Korea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.7988px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery Malaysia Berhad</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Malaysia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.803px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.853px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 100.674px; width: 726.955px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Marketing Sdn BHD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Malaysia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 117.549px; width: 726.932px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Euro Distributors Sdn BHD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.133px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Malaysia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 134.424px; width: 727.072px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Singapore Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.121px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 284.32px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.4531px; top: 151.299px; width: 73.8281px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Maybev Pte Ltd</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 151.096px; width: 46.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Singapore</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 462.406px; top: 151.299px; width: 276.211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">C</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 168.174px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Vietnam Trading Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.69px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Vietnam</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 185.049px; width: 739.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Vietnam Breweries Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Vietnam</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.924px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Paduak Holding Pte. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 180.978px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 283.933px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.799px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Asia Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.91px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hong Kong SAR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 255.105px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.674px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Caretech Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.953px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hong Kong SAR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 255.105px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 252.549px; width: 727.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cambrew Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 200.027px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cambodia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.838px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 20.9531px; top: 269.424px; width: 718.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cambrew Properties Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cambodia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 283.055px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 286.299px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CB Distribution Co., Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Thailand</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.738px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.336px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:197.03515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 219.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.1738px; width: 742.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Azerbaijan LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 178.424px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Azerbaijan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 283.933px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.0488px; width: 742.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Baku Piva JSC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Azerbaijan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.9238px; width: 742.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Kazakhstan Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kazakhstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 282.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">90%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.7988px; width: 742.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Beverages Central Asia LLP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.783px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kazakhstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 278.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.674px; width: 742.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Central Asia LLP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kazakhstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 278.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.549px; width: 742.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Kyrgyzstan LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.463px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kyrgyzstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 280.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.424px; width: 742.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">PJSC Carlsberg Ukraine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ukraine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 151.299px; width: 742.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg South Asia Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 168.174px; width: 742.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">South Asian Breweries Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 185.049px; width: 742.113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg India Pvt. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.535px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;\">A<span class=\"ff8\"> Listed company.</span></span><span style=\"display:inherit;clear:left;\">B<span class=\"ff8\"> Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Carlsberg C<span class=\"_ _7\"></span>onsultancy and Management Services Co Ltd (49%), </span></span><span style=\"display:inherit;clear:left;\">resulting in a consolidated ownership of 79%.</span><span style=\"display:inherit;clear:left;\">C<span class=\"ff8\"> Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Be<span class=\"_ _7\"></span>rhad (51%), resulting in a consolidated ownership of 26%.</span></span><span style=\"display:inherit;clear:left;position:relative;height:463.45703125px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 219.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.1738px; width: 741.293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gorkha Brewery Pvt. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.982px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.853px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">94%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-5\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">94%</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 50.0488px; width: 729.293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Raj Brewery Pvt. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">94%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 66.9238px; width: 729.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">G.B. Marketing Pvt Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.931px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">100 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">94 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.7988px; width: 742.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Baltic Beverages Holding AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 160.441px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.674px; width: 742.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Serbia Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 200.602px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Serbia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.348px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 117.549px; width: 54.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bosnia and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.049px; width: 88.875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg BH d.o.o.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 131.049px; width: 448.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Herzegovina</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 147.924px; width: 742.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Montenegro d.o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.756px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Montenegro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 273.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 164.596px; width: 327.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Croatia d.o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Croatia</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 164.799px; width: 25.916px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 714.156px; top: 164.596px; width: 25.916px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 181.471px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Bulgaria AD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 191.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Bulgaria</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 198.346px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">OJSC Brewery Alivaria</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 189.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Belarus</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E, F</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.631px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">78%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 215.221px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Vista BY Co LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 218.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Belarus</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.69px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.336px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 232.299px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Empresa Brasileira De Bebidas E Alimentos SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brazil</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.889px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.971px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Italia S.p.A.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.037px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 265.846px; width: 726.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Horeca Srl</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 282.721px; width: 726.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">T&amp;C Italia Srl</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 220.195px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 299.596px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Olympic Brewery SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 198.363px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Greece</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 316.471px; width: 727.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hellenic Beverage Company SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.31px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Greece</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 333.346px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Hungary Kft.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hungary</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 289.787px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 350.221px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Saku \u00d6lletehase AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 203.315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Estonia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.004px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 367.096px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Aldaris JSC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Latvia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 383.971px; width: 739.711px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Svyturys-Utenos Alus UAB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 169.5px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Lithuania</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.312px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">99%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">99%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 400.846px; width: 739.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CTDD Beer Imports Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Canada</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 417.721px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Canada Inc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 193.06px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Canada</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 434.596px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg Breweries Canada Inc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.549px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Canada</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 451.471px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg USA Inc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">USA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.762px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;\">E<span class=\"ff8\"> Company not audited by PwC.</span></span><span style=\"display:inherit;clear:left;\">F<span class=\"ff8\"> Consolidated ownership is higher than the legal ownership due to written put options.</span></span><span style=\"display:inherit;clear:left;position:relative;height:251.78515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 87.2109px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not allocated</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.9707px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Finans A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.988px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.8457px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg International A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.7207px; width: 739.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Home of Carlsberg A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.5957px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Invest A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 200.027px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.471px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Integrated Information Technology A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.346px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Captive Insurance Company A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.221px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Central Office A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 151.096px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Traitomic A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 230.203px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 220.195px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.971px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Shared Services Sp. z o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.684px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Poland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 192.432px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 192.432px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 192.432px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 192.432px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 205.932px; width: 67.1191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-beverage</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 205.932px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 205.932px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 205.932px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 205.932px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 222.924px; width: 739.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Barley 1 A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 237.498px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 239.799px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Ejendomme Holding A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.213px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:348.70703125px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 68.0215px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Associates</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.9707px; width: 739.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Udviklingsselskabet Carlsberg Byen P/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 110.473px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.109px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.8457px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bjergs\u00f8 Holding ApS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 198.363px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.7207px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sinergie Proattive Srl</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 197.842px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 314.777px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.5957px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brasserie du Pays Flamand</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 167.52px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.471px; width: 739.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Knopp Oy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Finland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.357px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.346px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Viacer S.G.P.S., Lda</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.377px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Portugal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.299px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 134.221px; width: 726.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Super Bock Group, S.G.P.S., S.A.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.31px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Portugal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">56%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 151.096px; width: 739.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Serviced Dispense Equipment (Holdings) Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 246.029px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.971px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing Jiawei Beer Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.762px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 184.846px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lanzhou Huanghe Jianiang Brewery Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.748px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.721px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Qinghai Huanghe Jianiang Brewery Company Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.596px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Jiuquan West Brewery Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.471px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tianshui Huanghe Jianiang Brewery Company Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 252.346px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lion Brewery (Ceylon) PLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sri Lanka</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.332px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">A, H</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.299px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 269.221px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hanoi Beer Alcohol and Beverage Joint Stock Corporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.6875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Vietnam</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 286.096px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Taiwan Trading Company Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Taiwan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.808px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 302.971px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NCC Crowns Private Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.873px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 319.846px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bottlers Nepal Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 189.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 234.961px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 336.721px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Myanmar Carlsberg Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.797px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Myanmar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span></span></span><span style=\"display:inherit;clear:left;\">G<span class=\"ff8\"> Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock) with a 56% shareholding, wit<span class=\"_ _7\"></span>h Carlsberg Breweries A/S owning the remaining 44%. In </span></span><span style=\"display:inherit;clear:left;\">addition, Carlsberg Breweries A/S has a direct ownership share of 29% in Viacer without exercising control. There<span class=\"_ _7\"></span>fore, both Viacer and Super Bock are considered associates of the Group. </span><span style=\"display:inherit;clear:left;\">The Group's direct and indirect ownership of Super Bock totals 60%.</span><span style=\"display:inherit;clear:left;\">H<span class=\"ff8\"> Lion Brewery (Ceylon) PLC is owned by Carlsberg Brewery Malaysia Berhad (25%). Carlsberg owns<span class=\"_ _7\"></span> 51% of Carlsberg Brewery Malaysia Berhad, resulting in 13% of the result being </span></span><span style=\"display:inherit;clear:left;\">attributed to the shareholders in Carlsberg A/S.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__94": {
   "value": "<span style=\"display:inherit;clear:left;\">Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the </span><span style=\"display:inherit;clear:left;\">year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the </span><span style=\"display:inherit;clear:left;\">level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be </span><span style=\"display:inherit;clear:left;\">recoverable. If an asset\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable </span><span style=\"display:inherit;clear:left;\">amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. </span><span style=\"display:inherit;clear:left;\">For all assets, the recoverable amount is assessed based on budget and target plan with reference to the expected future net cash </span><span style=\"display:inherit;clear:left;\">flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted </span><span style=\"display:inherit;clear:left;\">by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied. </span><span style=\"display:inherit;clear:left;\">Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and </span><span style=\"display:inherit;clear:left;\">losses arising on significant restructurings of processes and structural adjustments are recognised in special items. Minor losses are </span><span style=\"display:inherit;clear:left;\">recognised in the income statement in the relevant line item. </span><span style=\"display:inherit;clear:left;\">Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and </span><span style=\"display:inherit;clear:left;\">estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount </span><span style=\"display:inherit;clear:left;\">does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__93": {
   "value": "<span style=\"display:inherit;clear:left;\">Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the </span><span style=\"display:inherit;clear:left;\">year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the </span><span style=\"display:inherit;clear:left;\">level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be </span><span style=\"display:inherit;clear:left;\">recoverable. If an asset\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable </span><span style=\"display:inherit;clear:left;\">amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. </span><span style=\"display:inherit;clear:left;\">For all assets, the recoverable amount is assessed based on budget and target plan with reference to the expected future net cash </span><span style=\"display:inherit;clear:left;\">flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted </span><span style=\"display:inherit;clear:left;\">by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied. </span><span style=\"display:inherit;clear:left;\">Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and </span><span style=\"display:inherit;clear:left;\">losses arising on significant restructurings of processes and structural adjustments are recognised in special items. Minor losses are </span><span style=\"display:inherit;clear:left;\">recognised in the income statement in the relevant line item. </span><span style=\"display:inherit;clear:left;\">Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and </span><span style=\"display:inherit;clear:left;\">estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount </span><span style=\"display:inherit;clear:left;\">does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__76": {
   "value": "<span style=\"display:inherit;clear:left;\">Goodwill and brands with indefinite useful life are subject to an annual impairment test, performed initially before the end of the </span><span style=\"display:inherit;clear:left;\">year of acquisition. The test is performed at the level where cash flows are considered to be generated: either at CGU level or at the </span><span style=\"display:inherit;clear:left;\">level of a group of CGUs. All assets are tested if an event or circumstance indicates that the carrying amount may not be </span><span style=\"display:inherit;clear:left;\">recoverable. If an asset\u2019s carrying amount exceeds its recoverable amount, an impairment loss is recognised. The recoverable </span><span style=\"display:inherit;clear:left;\">amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. </span><span style=\"display:inherit;clear:left;\">For all assets, the recoverable amount is assessed based on budget and target plan with reference to the expected future net cash </span><span style=\"display:inherit;clear:left;\">flows. The assessment is based on the lowest CGU affected by the changes that indicate impairment. The cash flow is discounted </span><span style=\"display:inherit;clear:left;\">by a rate adjusted for any risk specific to the asset, if relevant to the calculation method applied. </span><span style=\"display:inherit;clear:left;\">Impairment losses on goodwill and brands, significant losses on property, plant and equipment, investments in associates, and </span><span style=\"display:inherit;clear:left;\">losses arising on significant restructurings of processes and structural adjustments are recognised in special items. Minor losses are </span><span style=\"display:inherit;clear:left;\">recognised in the income statement in the relevant line item. </span><span style=\"display:inherit;clear:left;\">Impairment of goodwill is not reversed. Impairment of other assets is reversed only to the extent of changes in the assumptions and </span><span style=\"display:inherit;clear:left;\">estimates underlying the impairment calculation. Impairment is only reversed to the extent that the asset\u2019s new carrying amount </span><span style=\"display:inherit;clear:left;\">does not exceed the carrying amount of the asset after amortisation/depreciation had the asset not been impaired.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__110": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 3.1</span><span style=\"display:inherit;clear:left;\">Special items</span><span style=\"display:inherit;clear:left;\">Special items</span><span style=\"display:inherit;clear:left;position:relative;height:352.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 100.857px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items, income</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Revaluation gain on step acquisition of former associate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.197px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">440</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairment of an associate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 437.49px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.8691px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 582.979px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">440</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 110.35px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items, expenses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic integration cost</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-495</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Release of the inventory fair value step-up</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 413.137px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-146</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.361px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Restructuring provisions and impairments, Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 337.869px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-767</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-349</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.236px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Restructuring provisions and impairments, Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 394.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 188.111px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Restructuring provisions and impairments, Central &amp; Eastern Europe and India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 253.904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.734px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Restructuring provisions, not allocated</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 436.387px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-33</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Costs related to acquisition and disposal of entities etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 356.004px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-185</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-413</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 238.736px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment of brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 394.043px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3.3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-85</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment of non-current assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 458.498px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-66</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 272.486px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of provisions made in prior years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">69</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 289.361px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impairment of assets and other war-related costs in Ukraine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 334.359px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-40</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 306.236px; width: 739.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 543.638px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-30</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 322.994px; width: 739.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 554.872px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,936</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-959</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 339.869px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 516.064px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,926</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-519</span></span></span><span style=\"display:inherit;clear:left;\">Impact of special items on operating profit</span><span style=\"display:inherit;clear:left;position:relative;height:163.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 360.006px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">If special items had been recognised in operating profit before special items, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 210.486px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">they would have been recognised as follows:</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.7363px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 550.039px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-269</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.6113px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 467.584px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-83</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-192</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.4863px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Administrative expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 487.815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,009</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-501</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.361px; width: 739.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other operating activities, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 472.118px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-273</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">482</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.236px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share of profit after tax of associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 440.719px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.111px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 548.419px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-39</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 150.869px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 516.064px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,926</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-519</span></span></span><span style=\"display:inherit;clear:left;\">Special items, income</span><span style=\"display:inherit;clear:left;\">In 2025, the Group disposed of a minor associate in Cambodia, resulting in the reversal of a previous impairment write-down of the </span><span style=\"display:inherit;clear:left;\">investment of DKK 10m. </span><span style=\"display:inherit;clear:left;\">In 2024, the Group gained control of Gorkha Brewery, Nepal, which had been consolidated as an investment in an associate prior to </span><span style=\"display:inherit;clear:left;\">the acquisition. The investment was remeasured at a fair value of DKK 1,794m, and a revaluation adjustment of DKK 484m, net of </span><span style=\"display:inherit;clear:left;\">reclassification of accumulated currency exchange adjustments of DKK -44m, was recognised as part of special items, cf. section<span class=\"_ _7\"></span> 5.1.</span><span style=\"display:inherit;clear:left;\">Special items, expenses</span><span style=\"display:inherit;clear:left;\">Restructuring projects and provisions</span><span style=\"display:inherit;clear:left;\">In 2025 and 2024, the Group carried out various restructuring projects across all three regions. The restructuring projects were the </span><span style=\"display:inherit;clear:left;\">result of the continued focus on cost and efficiency initiatives, and included changes in the production, distribution, marketing and </span><span style=\"display:inherit;clear:left;\">administrative operations, and related organisational changes, including termination of employees and impairment of assets.</span><span style=\"display:inherit;clear:left;\">Western Europe</span><span style=\"display:inherit;clear:left;\">In 2025, restructuring projects mainly comprised projects in France and the UK. </span><span style=\"display:inherit;clear:left;\">In October, management announced its plans to cease local production in Teisseire, France, and outsource the activity. The </span><span style=\"display:inherit;clear:left;\">programme also included the reorganisation or transfer of certain sales activities to external providers and downsizing back-office </span><span style=\"display:inherit;clear:left;\">functions to align with the new business model. The associated restructuring costs amounted to DKK 340m. In September, a separate </span><span style=\"display:inherit;clear:left;\">restructuring plan was announced for Kronenbourg and Kronenbourg Supply Company in France. This programme aims at </span><span style=\"display:inherit;clear:left;\">reorganising operations and outsourcing certain production and sales functions, and resulted in the recognition of asset impairments </span><span style=\"display:inherit;clear:left;\">of DKK 17m and restructuring costs of DKK 53m.</span><span style=\"display:inherit;clear:left;\">In the UK, restructuring programmes form part of the integration of Britvic and aim to capture operational synergies. The </span><span style=\"display:inherit;clear:left;\">programmes include the exit from and dismantling of back-office facilities, resulting in disposal of assets, impairment of equipment, </span><span style=\"display:inherit;clear:left;\">and recognition of associated dismantling and restructuring costs. The programme resulted in the recognition of restructuring costs of </span><span style=\"display:inherit;clear:left;\">DKK 71m and asset impairments of DKK 199m.</span><span style=\"display:inherit;clear:left;\">In 2025, a provision of DKK 35m relating to the restructuring project initiated in Norway in 2024 was reversed, cf. below.<span class=\"_ _7\"></span>  </span><span style=\"display:inherit;clear:left;\">In <span class=\"_ _7\"></span>2024<span class=\"_ _7\"></span>, th<span class=\"_ _7\"></span>e re<span class=\"_ _7\"></span>stru<span class=\"_ _7\"></span>ctur<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>proj<span class=\"_ _7\"></span>ects<span class=\"_ _7\"></span> mai<span class=\"_ _7\"></span>nly <span class=\"_ _7\"></span>rela<span class=\"_ _7\"></span>ted<span class=\"_ _7\"></span> to N<span class=\"_ _7\"></span>orw<span class=\"_ _7\"></span>ay, <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>UK a<span class=\"_ _7\"></span>nd G<span class=\"_ _7\"></span>erma<span class=\"_ _7\"></span>ny. <span class=\"_ _7\"></span>In N<span class=\"_ _7\"></span>orwa<span class=\"_ _7\"></span>y, t<span class=\"_ _7\"></span>he d<span class=\"_ _7\"></span>istr<span class=\"_ _7\"></span>ibut<span class=\"_ _7\"></span>ion <span class=\"_ _7\"></span>mode<span class=\"_ _7\"></span>l wi<span class=\"_ _7\"></span>ll c<span class=\"_ _7\"></span>hang<span class=\"_ _7\"></span>e in<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _7\"></span>6, w<span class=\"_ _7\"></span>ith <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>cess<span class=\"_ _7\"></span>atio<span class=\"_ _7\"></span>n of<span class=\"_ _7\"></span> dir<span class=\"_ _7\"></span>ect <span class=\"_ _7\"></span>dist<span class=\"_ _7\"></span>ribu<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> to <span class=\"_ _7\"></span>larg<span class=\"_ _7\"></span>er o<span class=\"_ _7\"></span>ff-t<span class=\"_ _7\"></span>rade<span class=\"_ _7\"></span> cus<span class=\"_ _7\"></span>tome<span class=\"_ _7\"></span>rs, <span class=\"_ _7\"></span>resu<span class=\"_ _7\"></span>ltin<span class=\"_ _7\"></span>g in<span class=\"_ _7\"></span> red<span class=\"_ _7\"></span>und<span class=\"_ _7\"></span>anci<span class=\"_ _7\"></span>es. O<span class=\"_ _7\"></span>ur <span class=\"_ _7\"></span>busin<span class=\"_ _7\"></span>esse<span class=\"_ _7\"></span>s in<span class=\"_ _7\"></span> Ger<span class=\"_ _7\"></span>man<span class=\"_ _7\"></span>y an<span class=\"_ _7\"></span>d th<span class=\"_ _7\"></span>e </span><span style=\"display:inherit;clear:left;\">UK <span class=\"_ _7\"></span>have<span class=\"_ _7\"></span> bee<span class=\"_ _7\"></span>n im<span class=\"_ _7\"></span>pact<span class=\"_ _7\"></span>ed b<span class=\"_ _7\"></span>y lo<span class=\"_ _7\"></span>wer <span class=\"_ _7\"></span>volu<span class=\"_ _7\"></span>mes,<span class=\"_ _7\"></span> res<span class=\"_ _7\"></span>ulti<span class=\"_ _7\"></span>ng i<span class=\"_ _7\"></span>n re<span class=\"_ _7\"></span>dund<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>ies, <span class=\"_ _7\"></span>dec<span class=\"_ _7\"></span>ommi<span class=\"_ _7\"></span>ssion<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>of p<span class=\"_ _7\"></span>rodu<span class=\"_ _7\"></span>ctio<span class=\"_ _7\"></span>n ca<span class=\"_ _7\"></span>paci<span class=\"_ _7\"></span>ty a<span class=\"_ _7\"></span>nd <span class=\"_ _7\"></span>asset<span class=\"_ _7\"></span> wr<span class=\"_ _7\"></span>ite-<span class=\"_ _7\"></span>down<span class=\"_ _7\"></span>s.</span><span style=\"display:inherit;clear:left;\">Central &amp; Eastern Europe and India</span><span style=\"display:inherit;clear:left;\">In Canada, a legislative change led to a revised route-to-market strategy in the off-trade channel. This resulted in an organi<span class=\"_ _7\"></span>sational </span><span style=\"display:inherit;clear:left;\">redesign and impairment of assets. Asset impairments of DKK 23m and restructuring costs of DKK 9m were recognised.</span><span style=\"display:inherit;clear:left;\">Asia</span><span style=\"display:inherit;clear:left;\">The ongoing restructuring of operations in Cambodia resulted in further headcount reductions and asset impairments during the year, </span><span style=\"display:inherit;clear:left;\">leading to the recognition of restructuring costs of DKK 84m. The Group initiated a restructuring project in China to adjust the </span><span style=\"display:inherit;clear:left;\">organisation to lower market volumes and improve operational efficiency. The programme resulted in the recognition of restructuring </span><span style=\"display:inherit;clear:left;\">costs of DKK 16m related to headcount reductions and asset impairments of DKK 32m.</span><span style=\"display:inherit;clear:left;\">Transaction and integration costs</span><span style=\"display:inherit;clear:left;\">Costs incurred to complete the Britvic acquisition totalled DKK 413m, of which DKK 263m was recognised in 2024. Subsequent to the </span><span style=\"display:inherit;clear:left;\">acquisition, the Group incurred integration costs of DKK 495m. These costs primarily related to severance payments and stay-on </span><span style=\"display:inherit;clear:left;\">bonuses of DKK 302m and advisory fees of DKK 69m. Other costs to complete acquisitions mainly related to the acquisition of </span><span style=\"display:inherit;clear:left;\">Gorkha Brewery, Nepal.</span><span style=\"display:inherit;clear:left;\">Impairment and other costs</span><span style=\"display:inherit;clear:left;\">2025</span><span style=\"display:inherit;clear:left;\">The Gr<span class=\"_ _7\"></span>oup rec<span class=\"_ _7\"></span>ognised a<span class=\"_ _7\"></span>n impair<span class=\"_ _7\"></span>ment los<span class=\"_ _7\"></span>s of <span class=\"_ _7\"></span>DKK 85m<span class=\"_ _7\"></span> on a lo<span class=\"_ _7\"></span>cal main<span class=\"_ _7\"></span>stream b<span class=\"_ _7\"></span>rand in <span class=\"_ _7\"></span>Central <span class=\"_ _7\"></span>&amp; Easter<span class=\"_ _7\"></span>n Europe<span class=\"_ _7\"></span> and Ind<span class=\"_ _7\"></span>ia <span class=\"_ _7\"></span>(2024: <span class=\"_ _7\"></span>DKK </span><span style=\"display:inherit;clear:left;\">125m <span class=\"_ _7\"></span>in Wester<span class=\"_ _7\"></span>n Euro<span class=\"_ _7\"></span>pe), cf.<span class=\"_ _7\"></span> section<span class=\"_ _7\"></span> 2.3.3<span class=\"_ _7\"></span>. In add<span class=\"_ _7\"></span>ition, t<span class=\"_ _7\"></span>he Group<span class=\"_ _7\"></span> recogni<span class=\"_ _7\"></span>sed an im<span class=\"_ _7\"></span>pairment<span class=\"_ _7\"></span> loss of<span class=\"_ _0\"></span> DKK 47m<span class=\"_ _7\"></span> on asso<span class=\"_ _7\"></span>ciates i<span class=\"_ _7\"></span>n Asia.</span><span style=\"display:inherit;clear:left;\">The purchase price allocation for the Britvic Group resulted in fair value adjustments of inventories totalling <span class=\"_ _7\"></span>DKK 146m. The </span><span style=\"display:inherit;clear:left;\">adjustments were subsequently expensed in special items as the inventories were derecognised as part of normal business activities.</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">The residual investment in the former associate Tibet Lhasa Brewery Ltd., now reported as a financial asset, was impaired, resulting </span><span style=\"display:inherit;clear:left;\">in a write-down of DKK 66m, cf. section 2.3.1.</span><span style=\"display:inherit;clear:left;\">Provisions of DKK 69m recognised in prior years for legal claims that did not materialise were reversed. </span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The use of special items entails management judgement in the separation from ordinary items. Management carefully considers </span><span style=\"display:inherit;clear:left;\">individual items and projects (including restructurings and business integrations) in order to ensure the correct distinction and split </span><span style=\"display:inherit;clear:left;\">between operating activities and significant income and expenses of a special nature. </span><span style=\"display:inherit;clear:left;\">Management initially assesses the entire restructuring project and recognises all present costs of the project. The projects are </span><span style=\"display:inherit;clear:left;\">assessed on an ongoing basis, with additional costs possibly being incurred during the lifetime of the project. </span><span style=\"display:inherit;clear:left;\">The estimate includes expenses related to termination of employees, onerous contracts, break fees and other obligations arising in </span><span style=\"display:inherit;clear:left;\">connection with restructurings. Management reassesses the useful life and residual value of non-current assets used in an entity </span><span style=\"display:inherit;clear:left;\">undergoing restructuring.</span><span style=\"display:inherit;clear:left;\">Accounting policies<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">Special items include significant income and expenses of a special nature in relation to the Group\u2019s revenue-generating activities </span><span style=\"display:inherit;clear:left;\">that cannot be attributed directly to the Group\u2019s ordinary operating activities. </span><span style=\"display:inherit;clear:left;\">Special items also include significant non-recurring items, including termination benefits related to retirement of members of the </span><span style=\"display:inherit;clear:left;\">Executive Committee, impairment of goodwill and brands, significant provisions in relation to certain disputes and lawsuits, gains </span><span style=\"display:inherit;clear:left;\">and losses on the disposal of activities and associates, revaluation of the shareholding in an entity held immediately before a step </span><span style=\"display:inherit;clear:left;\">acquisition or deconsolidation of that entity, and integration and transaction costs in a business combination. </span><span style=\"display:inherit;clear:left;\">Significant restructuring of processes, structural adjustments and integration costs are included in special items. Integration activities </span><span style=\"display:inherit;clear:left;\">arising from business combinations may result in significant one\u2011off costs. These may include restructuring of activities that the </span><span style=\"display:inherit;clear:left;\">Group discontinues as part of the integration, as well as one\u2011off costs incurred to establish future operating structures, such as </span><span style=\"display:inherit;clear:left;\">consultant fees or integration\u2011related employee incentives. Such integration costs are classified as special items when they are </span><span style=\"display:inherit;clear:left;\">significant in scale. Fair value uplift in purchase price allocations of acquired inventory is recognised at acquisition and expensed as </span><span style=\"display:inherit;clear:left;\">the inventory is sold. The run\u2011off of the fair value uplift is presented in special items, as it is non\u2011recurring and not reflective of </span><span style=\"display:inherit;clear:left;\">underlying operating performance. </span><span style=\"display:inherit;clear:left;\">Special items are shown separately from the Group\u2019s ordinary operations to facilitate a better understanding of the Group\u2019s </span><span style=\"display:inherit;clear:left;\">financial performance.</span>",
   "dimensions": {
    "concept": "CAR:DisclosureOfSpecialItems",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__112-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Special items include significant income and expenses of a special nature in relation to the Group\u2019s revenue-generating activities </span><span style=\"display:inherit;clear:left;\">that cannot be attributed directly to the Group\u2019s ordinary operating activities. </span><span style=\"display:inherit;clear:left;\">Special items also include significant non-recurring items, including termination benefits related to retirement of members of the </span><span style=\"display:inherit;clear:left;\">Executive Committee, impairment of goodwill and brands, significant provisions in relation to certain disputes and lawsuits, gains </span><span style=\"display:inherit;clear:left;\">and losses on the disposal of activities and associates, revaluation of the shareholding in an entity held immediately before a step </span><span style=\"display:inherit;clear:left;\">acquisition or deconsolidation of that entity, and integration and transaction costs in a business combination. </span><span style=\"display:inherit;clear:left;\">Significant restructuring of processes, structural adjustments and integration costs are included in special items. Integration activities </span><span style=\"display:inherit;clear:left;\">arising from business combinations may result in significant one\u2011off costs. These may include restructuring of activities that the </span><span style=\"display:inherit;clear:left;\">Group discontinues as part of the integration, as well as one\u2011off costs incurred to establish future operating structures, such as </span><span style=\"display:inherit;clear:left;\">consultant fees or integration\u2011related employee incentives. Such integration costs are classified as special items when they are </span><span style=\"display:inherit;clear:left;\">significant in scale. Fair value uplift in purchase price allocations of acquired inventory is recognised at acquisition and expensed as </span><span style=\"display:inherit;clear:left;\">the inventory is sold. The run\u2011off of the fair value uplift is presented in special items, as it is non\u2011recurring and not reflective of </span><span style=\"display:inherit;clear:left;\">underlying operating performance. </span><span style=\"display:inherit;clear:left;\">Special items are shown separately from the Group\u2019s ordinary operations to facilitate a better understanding of the Group\u2019s </span><span style=\"display:inherit;clear:left;\">financial performance.</span><span style=\"display:inherit;clear:left;\">Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or at the reporting date, the </span><span style=\"display:inherit;clear:left;\">Group has a legal or a constructive obligation and it is probable that there may be an outflow of economic benefits to settle the </span><span style=\"display:inherit;clear:left;\">obligation. </span><span style=\"display:inherit;clear:left;\">Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest rate is used as the </span><span style=\"display:inherit;clear:left;\">discount rate. </span><span style=\"display:inherit;clear:left;\">Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those affected no later than </span><span style=\"display:inherit;clear:left;\">at the reporting date. On acquisition of entities, restructuring provisions in the acquiree are only included in the opening balance </span><span style=\"display:inherit;clear:left;\">when the acquiree has a restructuring liability at the acquisition date. </span><span style=\"display:inherit;clear:left;\">A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower </span><span style=\"display:inherit;clear:left;\">than the unavoidable costs of meeting its obligations under the contract.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__111": {
   "value": "<span style=\"display:inherit;clear:left;\">Special items include significant income and expenses of a special nature in relation to the Group\u2019s revenue-generating activities </span><span style=\"display:inherit;clear:left;\">that cannot be attributed directly to the Group\u2019s ordinary operating activities. </span><span style=\"display:inherit;clear:left;\">Special items also include significant non-recurring items, including termination benefits related to retirement of members of the </span><span style=\"display:inherit;clear:left;\">Executive Committee, impairment of goodwill and brands, significant provisions in relation to certain disputes and lawsuits, gains </span><span style=\"display:inherit;clear:left;\">and losses on the disposal of activities and associates, revaluation of the shareholding in an entity held immediately before a step </span><span style=\"display:inherit;clear:left;\">acquisition or deconsolidation of that entity, and integration and transaction costs in a business combination. </span><span style=\"display:inherit;clear:left;\">Significant restructuring of processes, structural adjustments and integration costs are included in special items. Integration activities </span><span style=\"display:inherit;clear:left;\">arising from business combinations may result in significant one\u2011off costs. These may include restructuring of activities that the </span><span style=\"display:inherit;clear:left;\">Group discontinues as part of the integration, as well as one\u2011off costs incurred to establish future operating structures, such as </span><span style=\"display:inherit;clear:left;\">consultant fees or integration\u2011related employee incentives. Such integration costs are classified as special items when they are </span><span style=\"display:inherit;clear:left;\">significant in scale. Fair value uplift in purchase price allocations of acquired inventory is recognised at acquisition and expensed as </span><span style=\"display:inherit;clear:left;\">the inventory is sold. The run\u2011off of the fair value uplift is presented in special items, as it is non\u2011recurring and not reflective of </span><span style=\"display:inherit;clear:left;\">underlying operating performance. </span><span style=\"display:inherit;clear:left;\">Special items are shown separately from the Group\u2019s ordinary operations to facilitate a better understanding of the Group\u2019s </span><span style=\"display:inherit;clear:left;\">financial performance.</span>",
   "dimensions": {
    "concept": "CAR:DescriptionOfAccountingPolicyForSpecialItems",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__113": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 3.2</span><span style=\"display:inherit;clear:left;\">Provisions</span><span style=\"display:inherit;clear:left;position:relative;height:245.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 474.75px; top: 7.99414px; width: 45.1113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Onerous  </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 335.562px; top: 21.4941px; width: 67.3945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Restructurings</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 471.375px; top: 21.4941px; width: 43.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">contracts</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 599.703px; top: 21.4941px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 38.4863px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions at 1 January 2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 253.904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">262</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,536</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,035</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.3613px; width: 739.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">135</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">188</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 72.2363px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Additional provisions recognised</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 238.681px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">373</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">83</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">409</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">865</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.1113px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Used during the year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 290.625px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-95</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-72</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-143</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-310</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 105.986px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of unused provisions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 250.869px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-36</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-157</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-390</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-583</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.861px; width: 739.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discounting</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.308px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 139.736px; width: 739.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 233.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-137</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.494px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions at 31 December 2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 233.35px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">505</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">210</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,374</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,089</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 182.369px; width: 58.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Classified as</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 199.361px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current provisions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.312px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,791</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,863</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 216.236px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current provisions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">498</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">145</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,226</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 232.994px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 358.037px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">505</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">210</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,374</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,089</span></span></span><span style=\"display:inherit;clear:left;\">Restructuring provisions mainly comprise termination benefit obligations, contract termination fees, dismantling costs etc. incurred as </span><span style=\"display:inherit;clear:left;\">a result of restructuring projects generally accounted for as special items. The restructuring provision of<span class=\"_ _7\"></span> DKK 505m in 2025 relates to </span><span style=\"display:inherit;clear:left;\">projects across all regions, cf. section 3.1.</span><span style=\"display:inherit;clear:left;\">In 2025, a settlement was reached on a contract brewing agreement in China, resulting in a reversal of<span class=\"_ _7\"></span> DKK 157m. Provisions for </span><span style=\"display:inherit;clear:left;\">onerous contracts primarily relate to bottling and distribution contracts in Western Europe. </span><span style=\"display:inherit;clear:left;\">Other provisions of DKK 2,374m include ongoing disputes and lawsuits of varying content, and employee obligations other than </span><span style=\"display:inherit;clear:left;\">retirement benefits.</span><span style=\"display:inherit;clear:left;\">Timing of settlement of ongoing disputes and lawsuits cannot be determined, whereas the remaining liabilities are expected to be </span><span style=\"display:inherit;clear:left;\">settled in one to two years.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">In connection with restructurings, management assesses the timing of the costs to be incurred, which influences the classification as </span><span style=\"display:inherit;clear:left;\">current or non-current liabilities. Provision for onerous contracts is based on agreed terms with the other party and expected </span><span style=\"display:inherit;clear:left;\">fulfilment of the contract, based on the current estimate of volumes, use of raw materials etc. </span><span style=\"display:inherit;clear:left;\">Management assesses provisions, contingent assets and liabilities, and the likely outcome of pending or probable lawsuits etc. on </span><span style=\"display:inherit;clear:left;\">an ongoing basis. The outcome depends on future events, which are by nature uncertain. In assessing the likely outcome of lawsuits </span><span style=\"display:inherit;clear:left;\">and tax disputes etc., management relies on external legal advice and established precedents.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Provision for onerous contracts is based on agreed terms with the other party and expected fulfilment of the contract, based on the </span><span style=\"display:inherit;clear:left;\">current estimate of volumes, use of raw materials etc.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or at the reporting date, the </span><span style=\"display:inherit;clear:left;\">Group has a legal or a constructive obligation and it is probable that there may be an outflow of economic benefits to settle the </span><span style=\"display:inherit;clear:left;\">obligation. </span><span style=\"display:inherit;clear:left;\">Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest rate is used as the </span><span style=\"display:inherit;clear:left;\">discount rate. </span><span style=\"display:inherit;clear:left;\">Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those affected no later than </span><span style=\"display:inherit;clear:left;\">at the reporting date. On acquisition of entities, restructuring provisions in the acquiree are only included in the opening balance </span><span style=\"display:inherit;clear:left;\">when the acquiree has a restructuring liability at the acquisition date. </span><span style=\"display:inherit;clear:left;\">A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower </span><span style=\"display:inherit;clear:left;\">than the unavoidable costs of meeting its obligations under the contract.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__115": {
   "value": "<span style=\"display:inherit;clear:left;\">Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or at the reporting date, the </span><span style=\"display:inherit;clear:left;\">Group has a legal or a constructive obligation and it is probable that there may be an outflow of economic benefits to settle the </span><span style=\"display:inherit;clear:left;\">obligation. </span><span style=\"display:inherit;clear:left;\">Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest rate is used as the </span><span style=\"display:inherit;clear:left;\">discount rate. </span><span style=\"display:inherit;clear:left;\">Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those affected no later than </span><span style=\"display:inherit;clear:left;\">at the reporting date. On acquisition of entities, restructuring provisions in the acquiree are only included in the opening balance </span><span style=\"display:inherit;clear:left;\">when the acquiree has a restructuring liability at the acquisition date. </span><span style=\"display:inherit;clear:left;\">A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower </span><span style=\"display:inherit;clear:left;\">than the unavoidable costs of meeting its obligations under the contract.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__114": {
   "value": "<span style=\"display:inherit;clear:left;\">Provisions, including profit-sharing provisions, are recognised when, as a result of events arising before or at the reporting date, the </span><span style=\"display:inherit;clear:left;\">Group has a legal or a constructive obligation and it is probable that there may be an outflow of economic benefits to settle the </span><span style=\"display:inherit;clear:left;\">obligation. </span><span style=\"display:inherit;clear:left;\">Provisions are discounted if the effect is material to the measurement of the liability. The risk-free interest rate is used as the </span><span style=\"display:inherit;clear:left;\">discount rate. </span><span style=\"display:inherit;clear:left;\">Restructuring costs are recognised when a detailed, formal restructuring plan has been announced to those affected no later than </span><span style=\"display:inherit;clear:left;\">at the reporting date. On acquisition of entities, restructuring provisions in the acquiree are only included in the opening balance </span><span style=\"display:inherit;clear:left;\">when the acquiree has a restructuring liability at the acquisition date. </span><span style=\"display:inherit;clear:left;\">A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower </span><span style=\"display:inherit;clear:left;\">than the unavoidable costs of meeting its obligations under the contract.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__122": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 3.3</span><span style=\"display:inherit;clear:left;\">Other liabilities</span><span style=\"display:inherit;clear:left;position:relative;height:217.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 115.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other liabilities by origin</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Staff costs payable</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,281</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Excise duties and VAT payable</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 463.346px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,651</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 534.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,591</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,447</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 533.509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">403</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,916</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 575.164px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,593</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 58.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Classified as</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.236px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 505.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,446</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,495</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 188.111px; width: 739.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,178</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,098</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.869px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 575.164px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,593</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__120": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 3.3</span><span style=\"display:inherit;clear:left;\">Other liabilities</span><span style=\"display:inherit;clear:left;position:relative;height:217.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 115.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other liabilities by origin</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Staff costs payable</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,281</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Excise duties and VAT payable</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 463.346px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,651</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 534.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,591</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,447</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 533.509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">403</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,916</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 575.164px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,593</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 58.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Classified as</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.236px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 505.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,446</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,495</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 188.111px; width: 739.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,178</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,098</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.869px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 575.164px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,593</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__119": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 3.3</span><span style=\"display:inherit;clear:left;\">Other liabilities</span><span style=\"display:inherit;clear:left;position:relative;height:217.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 115.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other liabilities by origin</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Staff costs payable</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,281</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Excise duties and VAT payable</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 463.346px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,651</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,533</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 534.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,591</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,447</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 533.509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">403</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">416</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,916</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 575.164px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,593</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 58.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Classified as</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.236px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 505.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,446</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,495</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 188.111px; width: 739.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,178</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,098</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.869px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 575.164px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,593</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__125": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 3.4</span><span style=\"display:inherit;clear:left;\">Contingent liabilities</span><span style=\"display:inherit;clear:left;\">The Group operates in very competitive markets where consolidation is taking place within the industry and among our customers </span><span style=\"display:inherit;clear:left;\">and suppliers, all of which influences our business in different ways.</span><span style=\"display:inherit;clear:left;\">In the ordinary course of business, the Group is party to certain lawsuits, disputes etc. of varying content and scope, some of which </span><span style=\"display:inherit;clear:left;\">are referred to below. The resolution of these lawsuits, disputes etc. is associated with uncertainty, as they depend on relevant </span><span style=\"display:inherit;clear:left;\">applicable proceedings, such as negotiations between the parties affected, government actions and court rulings.</span><span style=\"display:inherit;clear:left;\">In October and November 2021, the Group\u2019s associate in Portugal, Super Bock Group, received decisions on the alleged </span><span style=\"display:inherit;clear:left;\">anticompetitive practices in two ongoing cases. In the first case, the Portuguese Court of Appeal confirmed the fine of EUR 24m<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">issued by the competition authority, and in the second case the Portuguese competition authority imposed a fine of EUR <span class=\"_ _7\"></span>33m on </span><span style=\"display:inherit;clear:left;\">Super Bock. Both decisions have been appealed to the Supreme Court by Super Bock. Subsequently, on account of Super Bock\u2019s </span><span style=\"display:inherit;clear:left;\">alleged anticompetitive practices, a separate private enforcement claim of EUR<span class=\"_ _7\"></span> 400m was filed by a consumer protection association </span><span style=\"display:inherit;clear:left;\">against Super Bock for compensation of Portuguese consumers for alleged harm. <span class=\"_ _7\"></span>In November 2024, another separate private </span><span style=\"display:inherit;clear:left;\">enforcement claim was filed by a consumer protection association. The complaint does not indicate a specific amount of damages </span><span style=\"display:inherit;clear:left;\">being sought, but instead provides a range of EUR 83-467m. There have been no further significant developments in these cases.  </span><span style=\"display:inherit;clear:left;\">In December 2025, an agreement was reached with Chongqing Jiawei Beer Co. Ltd. to settle the legal disputes related to the </span><span style=\"display:inherit;clear:left;\">contract brewing agreement with Chongqing Brewery Co. Ltd. through renegotiation of the contract. In 2025, the contract impacted </span><span style=\"display:inherit;clear:left;\">the income statement as part of the ordinary business, but the settlement itself had no additional impact.  <span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Management and the Group General Counsel continuously assess these risks and their likely outcome. It is the opinion of </span><span style=\"display:inherit;clear:left;\">management and the Group General Counsel that, apart from items recognised in the statement of financial position, the outcome of </span><span style=\"display:inherit;clear:left;\">these lawsuits, disputes etc. cannot be reliably estimated in terms of amount or timing, or the risk of a negative outcome is </span><span style=\"display:inherit;clear:left;\">considered to be remote. The Group does not expect the ongoing lawsuits and disputes to have a material impact on the Group\u2019s </span><span style=\"display:inherit;clear:left;\">financial position, net profit or cash flow, in excess of items recognised in the statement of financial position.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__127-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Leverage ratio</span><span style=\"display:inherit;clear:left;\">80.0</span><span style=\"display:inherit;clear:left;\">3.28x</span><span style=\"display:inherit;clear:left;\">1.73x</span><span style=\"display:inherit;clear:left;\">1.47x</span><span style=\"display:inherit;clear:left;\">2.00x</span><span style=\"display:inherit;clear:left;\">40.0</span><span style=\"display:inherit;clear:left;\">1.37x</span><span style=\"display:inherit;clear:left;\">1.23x</span><span style=\"display:inherit;clear:left;\">19.2</span><span style=\"display:inherit;clear:left;\">19.3</span><span style=\"display:inherit;clear:left;\">22.4</span><span style=\"display:inherit;clear:left;\">27.4</span><span style=\"display:inherit;clear:left;\">61.6</span><span style=\"display:inherit;clear:left;\">0.0</span><span style=\"display:inherit;clear:left;\">0.00x</span><span style=\"display:inherit;clear:left;\">2021</span><span style=\"display:inherit;clear:left;\">2022</span><span style=\"display:inherit;clear:left;\">2023</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2025</span><span style=\"display:inherit;clear:left;\">NIBD</span><span style=\"display:inherit;clear:left;\">NIBD/EBITDA</span><span style=\"display:inherit;clear:left;\">Section 4.6</span><span style=\"display:inherit;clear:left;\">Net interest-bearing debt</span><span style=\"display:inherit;clear:left;\">Net interest-bearing debt (NIBD) is the measure of financial debt used in the calculation of leverage. NIBD is composed of interest-</span><span style=\"display:inherit;clear:left;\">bearing liabilities less interest-bearing assets.</span><span style=\"display:inherit;clear:left;\">The difference of DKK 9.0bn between gross financial debt and net interest-bearing debt mainly comprised cash and cash equivalents, </span><span style=\"display:inherit;clear:left;\">deposits and securities, and the interest-bearing portion of on-trade loans on the asset side<span class=\"_ _7\"></span> and deferred considerations on the </span><span style=\"display:inherit;clear:left;\">liability side.</span><span style=\"display:inherit;clear:left;\">Net interest-bearing debt</span><span style=\"display:inherit;clear:left;position:relative;height:200.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 745.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 412.455px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,452 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,392 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 745.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 434.269px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,171 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,748 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 745.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross financial debt</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 429.675px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 745.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits and securities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 417.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">- </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-59 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 745.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,585 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11,542 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 745.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net financial debt</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 438.311px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,038 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26,539 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 745.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Loans to associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 432.116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-278 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-277 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 745.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 453.544px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-433 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-457 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.361px; width: 745.037px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 413.666px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,446 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,626 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.236px; width: 745.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 443.081px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-156 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-74 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 742.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net interest-bearing debt</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 403.219px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,617 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,357</span></span></span><span style=\"display:inherit;clear:left;\">Section 4.7</span><span style=\"display:inherit;clear:left;\">Borrowings and cash</span><span style=\"display:inherit;clear:left;\">4.7.1 Borrowings</span><span style=\"display:inherit;clear:left;\">Gross financial debt amounted to DKK 70,623m (2024: DKK 38,140m). Non-current borrowings totalled DKK <span class=\"_ _7\"></span>61,452m (2024: DKK </span><span style=\"display:inherit;clear:left;\">27,392m) and current borrowings totalled DKK 9,171m (2024: DKK 10,748m<span class=\"_ _7\"></span>). The Group continuously assesses the maturity and </span><span style=\"display:inherit;clear:left;\">repayment profile of its debt. In February 2025, Carlsberg issued five new bonds to finance the acquisition of the Britvic Group, cf. </span><span style=\"display:inherit;clear:left;\">section 4.8. Total borrowings increased by DKK 32.5bn, including the DKK 7.3bn acquired debt in Britvic<span class=\"_ _7\"></span>. Non-current borrowings </span><span style=\"display:inherit;clear:left;\">increased by DKK 34.1bn, and current borrowings decreased by DKK 1.6bn as the net effect of<span class=\"_ _7\"></span> the repayment of an EUR 500 EMTN </span><span style=\"display:inherit;clear:left;\">bond in September 2025, an EUR 750m bond reclassified to current, consolidation of Britvic\u2019s current debt and a reduction in the </span><span style=\"display:inherit;clear:left;\">issuance of commercial paper. Of the gross financial debt at year-end, 87% (<span class=\"_ _7\"></span>2024: 72%) was non-current, i.e. with maturity of more </span><span style=\"display:inherit;clear:left;\">than one year.</span><span style=\"display:inherit;clear:left;\">Gross financial debt</span><span style=\"display:inherit;clear:left;position:relative;height:258.6015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 57.1992px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.84px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Issued bonds</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 536.186px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,834</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25,603</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 532.665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">297</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 532.665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,303</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,668</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 537.18px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.84px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 571.74px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,452</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,392</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 128.369px; width: 34.9043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 145.361px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Issued bonds</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 542.28px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,074</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,726</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 162.236px; width: 739.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 534.469px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">186</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 179.111px; width: 739.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 542.28px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">610</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">455</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 195.986px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Commercial paper and other borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 416.606px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,266</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,381</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.744px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 581.051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,171</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,748</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 229.619px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 246.611px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 555.281px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,118</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37,855</span></span></span><span style=\"display:inherit;clear:left;\">An overview of issued bonds is provided in section 4.8.</span><span style=\"display:inherit;clear:left;\">Time to maturity for non-current borrowings</span><span style=\"display:inherit;clear:left;position:relative;height:132.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 223.324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1-2 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2-3 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3-4 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4-5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.9627px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Issued bonds</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 201.047px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,675</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,966</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,322</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,123</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,834</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.834px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">52</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">297</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 202.312px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">468</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">348</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">234</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">182</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,071</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,303</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.834px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.152px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,075</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,440</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,507</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,209</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,452</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,967</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,984</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,374</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,931</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,392</span></span></span><span style=\"display:inherit;clear:left;\">Changes in gross financial debt</span><span style=\"display:inherit;clear:left;position:relative;height:200.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross financial debt at 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.979px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">39,101</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Proceeds from issue of bonds</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 462.581px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34,109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Instalments on and proceeds from borrowings, current</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 350.256px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,732</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7,460</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Instalments on lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 467.584px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-638</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-547</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Commercial paper and other borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 412.455px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,992</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,096</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">External financing</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 511.237px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24,747</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,911</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in bank overdrafts\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Increase in lease liabilities\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 489.48px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">790</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">896</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.361px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in net interest-bearing debt from acquisition and disposal of entities\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 251.326px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,288</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-66</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.236px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other, including foreign exchange adjustments and amortisation\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.762px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-376</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross financial debt at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 426.769px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span></span></span><span style=\"display:inherit;clear:left;\"> Non-cash item.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Borrowings </span><span style=\"display:inherit;clear:left;\">Borrowings are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the </span><span style=\"display:inherit;clear:left;\">effective interest method. Accordingly, the difference between the fair value less transaction costs and the nominal value is </span><span style=\"display:inherit;clear:left;\">recognised under financial expenses over the term of the loan.</span><span style=\"display:inherit;clear:left;\">Section 4.8</span><span style=\"display:inherit;clear:left;\">Interest rate risk</span><span style=\"display:inherit;clear:left;\">Interest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents, deposits and securities, and derivative </span><span style=\"display:inherit;clear:left;\">financial instruments. The target is to have a duration between three and eight years. At <span class=\"_ _7\"></span>31 December 2025, the duration was 4.4 </span><span style=\"display:inherit;clear:left;\">years (2024: 4.0 years). Interest rate risk is mainly managed using fixed-rate bonds, which are<span class=\"_ _7\"></span> denominated in EUR and GBP. At the </span><span style=\"display:inherit;clear:left;\">reporting date, 84% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year </span><span style=\"display:inherit;clear:left;\">(2024: 97%).</span><span style=\"display:inherit;clear:left;\">Net financial debt by currency</span><span style=\"display:inherit;clear:left;position:relative;height:306.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 310.594px; top: 43.9941px; width: 72.0234px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 452.219px; top: 43.9941px; width: 17.3906px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.938px; top: 43.9941px; width: 72.0234px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 43.9941px; width: 63.0586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.4941px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 358.891px; top: 57.4941px; width: 21.0879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">debt</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 406.484px; top: 57.4941px; width: 153.41px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">financial debt</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 586.531px; top: 57.4941px; width: 62.6543px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">debt, fixed %</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 673.797px; top: 57.4941px; width: 65.0801px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">debt, fixed %\u00b9</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 744.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 326.478px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,986</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">55,676</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,712</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">74% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">79% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 343.693px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-961</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.734px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 342.094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">147</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 744.592px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,628</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,391</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">79% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">86% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 744.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.16px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,676</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,452</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-5% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.744px; width: 745.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 322.049px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,038</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51,216</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">73% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">84% </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.494px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.486px; width: 744.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36,211</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31,254</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">82% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.361px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 345.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">133</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-991</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.236px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.109px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-217</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.111px; width: 742.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 343.693px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">318</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-81</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-37 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.4465px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.986px; width: 742.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 330.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,382</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">177</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">13% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-5 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.4465px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.744px; width: 745.014px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 323.613px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26,539</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25,830</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">68%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">97% </span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 In some currencies the percentage of net debt at fixed interest rates is negative, as the to<span class=\"_ _7\"></span>tal cash exceeds the total debt.</span><span style=\"display:inherit;clear:left;\">On a gross debt basis, 73% was at fixed interest rates (2024: 68%). Significant parts of the Group\u2019s cash and cash equivalents are </span><span style=\"display:inherit;clear:left;\">held in currencies other than the two main funding currencies, EUR and GBP, which account for the predominant part of the fixed-</span><span style=\"display:inherit;clear:left;\">rate borrowings. 91% of the Group\u2019s net debt is in EUR and 14% is in GBP (on a gross basis: 84% and 13%) and, consequently, the </span><span style=\"display:inherit;clear:left;\">interest rate exposure primarily relates to interest rate developments for EUR and GBP.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Sensitivity analysis</span><span style=\"display:inherit;clear:left;\">An increase in interest rates would result in an increase in net interest expenses. It is estimated that a 1 percentage point interest rate </span><span style=\"display:inherit;clear:left;\">increase across currencies would lead to an increase in net interest expenses of DKK <span class=\"_ _7\"></span>98m (2024: decrease of DKK 7m). </span><span style=\"display:inherit;clear:left;\">All debts are carried at amortised cost. Changes in the interest rate will impact not the carrying amount but the fair value of debt, cf. </span><span style=\"display:inherit;clear:left;\">section 4.7.1. The fair value of total gross borrowings was DKK 505m lower than the carrying amount (20<span class=\"_ _7\"></span>24: DKK 285m lower). </span><span style=\"display:inherit;clear:left;\">If all interest rates across tenor and currencies had been 1 percentage point higher at the reporting date, it would have led to a gain </span><span style=\"display:inherit;clear:left;\">of DKK 2,704m (2024: DKK 2,367m), and a similar loss had the interest rate been 1 percentage point lower.</span><span style=\"display:inherit;clear:left;\">Interest rate risk</span><span style=\"display:inherit;clear:left;position:relative;height:508.609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 429.922px; top: 30.4941px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 343.781px; top: 43.9941px; width: 38.8242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.656px; top: 43.9941px; width: 40.6992px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">effective</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 703.781px; top: 43.9941px; width: 38.8242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.4941px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 359.953px; top: 57.4941px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 411.703px; top: 57.4941px; width: 237.41px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">interest rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed for</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 11.7422px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Carrying amount</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.016px; top: 57.4941px; width: 38.5781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate risk</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.3691px; width: 60.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Issued bonds</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 750m maturing 26 November 2026</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,597</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 850m maturing 26 February 2027</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Floating</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,335</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 500m maturing 30 June 2027</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 193.752px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">0.5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1-2 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,728</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 700m maturing 5 October 2028</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4.2% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2-3 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,205</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 400m maturing 1 July 2029</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3-4 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,973</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 1bn maturing 28 August 2029</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 195.129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3-4 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,437</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 500m maturing 11 March 2030</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 189.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">0.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4-5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 8.19143px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,722 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.486px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 1bn maturing 27 February 2032</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.3% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.4143px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,434</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.361px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 600m maturing 5 October 2033</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.9627px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,436</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.236px; width: 738.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 1.15bn maturing 28 February 2035</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.4143px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,529</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-5\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value</span></span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.111px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP 500m maturing 28 February 2039</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.9627px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,225</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.869px; width: 649.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">59,621</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.744px; width: 649.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 391.061px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.764px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29,329</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 327.494px; width: 83.8066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other bond issues</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 347.113px; width: 58.9453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffa; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Floating-rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 341.766px; top: 344.486px; width: 397.975px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Floating</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4.5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,860</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cash flow</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 363.988px; width: 47.2676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffa; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed-rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 355.062px; top: 361.361px; width: 384.369px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,427</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 378.119px; width: 649.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 598.324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,287</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 394.994px; width: 649.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.763px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 428.744px; width: 183.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank borrowings and other borrowings</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 445.736px; width: 739.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Floating-rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 281.508px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Floating</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,613</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 462.611px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed-rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">102</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 479.369px; width: 649.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 601.399px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,715</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 496.244px; width: 649.793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 574.732px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,811</span></span></span><span style=\"display:inherit;clear:left;\">The sensitivity analysis is based on the financial instruments (borrowings, cash and cash equivalents, deposits and securities, and </span><span style=\"display:inherit;clear:left;\">derivative financial instruments) recognised at the reporting date. </span><span style=\"display:inherit;clear:left;\">The analysis was performed on the same basis as for 2024.</span><span style=\"display:inherit;clear:left;\">4.9.3 Net finance</span><span style=\"display:inherit;clear:left;\">The Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a currency other than the </span><span style=\"display:inherit;clear:left;\">functional currency of the local entities reporting these, as well as the risk that arises when net cash inflow is generated in one </span><span style=\"display:inherit;clear:left;\">currency but borrowings are denominated and have to be repaid in another currency. The main currencies impacting net finance </span><span style=\"display:inherit;clear:left;\">during 2025 were EUR and UAH. The combined net foreign exchange, fair value adjustment loss and the effect of hyperinflation in </span><span style=\"display:inherit;clear:left;\">2025 was DKK -187m (2024: DKK 159m).</span><span style=\"display:inherit;clear:left;\">Currency profile of borrowings</span><span style=\"display:inherit;clear:left;\">Before and after derivative financial instruments</span><span style=\"display:inherit;clear:left;position:relative;height:180.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 523.125px; top: 19.2441px; width: 39.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Original </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 621.953px; top: 19.2441px; width: 31.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 19.2441px; width: 27.3574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">After </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 520.109px; top: 32.7441px; width: 39.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">principal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 612.953px; top: 32.7441px; width: 37.3008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">of swap</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 32.7441px; width: 24.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">swap</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.7363px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.982px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">345</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,745</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,090</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.6113px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,058</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,357</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.4863px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.55px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,986</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8,344</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50,642</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.361px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">915</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,468</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.236px; width: 739.84px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 523.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,037</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,146</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.111px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,331</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,411</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,080</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 150.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 502.211px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.744px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span></span></span><span style=\"display:inherit;clear:left;\">4.9.4 Consolidated profit and other comprehensive in<span class=\"_ _7\"></span>come</span><span style=\"display:inherit;clear:left;\">Consolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for </span><span style=\"display:inherit;clear:left;\">accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part </span><span style=\"display:inherit;clear:left;\">of this foreign exchange exposure by having debt in foreign currency and selling foreign currencies via foreign exchange forwards and </span><span style=\"display:inherit;clear:left;\">non-deliverable forwards, designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the </span><span style=\"display:inherit;clear:left;\">cost of hedging is balanced against the risk reduction.</span><span style=\"display:inherit;clear:left;\">Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are </span><span style=\"display:inherit;clear:left;\">partly hedged. Furthermore, following the Britvic acquisition Carlsberg chose to hedge part of the net investment via a GBP 500m </span><span style=\"display:inherit;clear:left;\">EMTN bond, cf. section 4.8, and GBP 250m of ordinary FX forwards. Only the latter is reflected in the average hedged rate in the </span><span style=\"display:inherit;clear:left;\">table.  </span><span style=\"display:inherit;clear:left;\">All the forward exchange contracts mature during 2026. At 31 December 2025<span class=\"_ _7\"></span>, all adjustments of financial instruments have been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income.</span><span style=\"display:inherit;clear:left;\">The fa<span class=\"_ _7\"></span>ir value<span class=\"_ _7\"></span> of deri<span class=\"_ _7\"></span>vatives u<span class=\"_ _7\"></span>sed as n<span class=\"_ _7\"></span>et inves<span class=\"_ _7\"></span>tment he<span class=\"_ _7\"></span>dges rec<span class=\"_ _7\"></span>ognised a<span class=\"_ _7\"></span>t 31 Dec<span class=\"_ _7\"></span>ember <span class=\"_ _0\"></span>2025 am<span class=\"_ _7\"></span>ounted <span class=\"_ _7\"></span>to DKK <span class=\"_ _7\"></span>18m (2024:<span class=\"_ _7\"></span> DKK -59<span class=\"_ _7\"></span>m).</span><span style=\"display:inherit;clear:left;\">The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer </span><span style=\"display:inherit;clear:left;\">applies amounted to DKK -1,530m (2024: DKK -1,928m) on a pre-tax basis. </span><span style=\"display:inherit;clear:left;position:relative;height:287.29296875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 145.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net investment hedges</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 29.5723px; width: 709.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 48.8066px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 62.3066px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 62.3066px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 62.3066px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 75.8066px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 75.8066px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.3066px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 89.3066px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 89.3066px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 106.299px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 239.643px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,486</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">313</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,9183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.174px; width: 739.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-167</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,5427</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.049px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.924px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-370</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,1044</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 173.799px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6154</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 190.674px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 249.691px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-365</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,397</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6757</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 207.549px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-663</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,809</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,5473</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 224.424px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 241.299px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 258.174px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">INR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 243.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0700</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 274.932px; width: 469.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 429.675px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 636.656px; top: 274.932px; width: 101.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:238.5px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 709.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 16.8848px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 30.3848px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 30.3848px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 30.3848px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 43.8848px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 43.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.3848px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 57.3848px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 57.3848px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.377px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.539px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,707</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9650</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.252px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-164</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.4863</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.127px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,896</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-226</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.002px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.0578</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.877px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.752px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 266.678px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,895</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.627px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 264.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.502px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.135px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 425.7px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-312</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-78</span></span></span><span style=\"display:inherit;clear:left;\">4.9.5 Impact on financial statements and sensitivity a<span class=\"_ _7\"></span>nalysis</span><span style=\"display:inherit;clear:left;\">Fluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In </span><span style=\"display:inherit;clear:left;\">2025, net interest-bearing debt decreased by DKK 103m (2024: increased by DKK 65m)<span class=\"_ _7\"></span> because of changes in foreign exchange </span><span style=\"display:inherit;clear:left;\">rates and amortisation. The most significant FX impact on the income statement comes from the Group\u2019s EUR-denominated debt. </span><span style=\"display:inherit;clear:left;\">Net debt in EUR was DKK 55.7bn at the end of 2025, and EUR/DKK increased by 0.1% during the year, resulting in a loss of DKK </span><span style=\"display:inherit;clear:left;\">76m. </span><span style=\"display:inherit;clear:left;\">Exchange rate sensitivity analysis \u2013 other comprehensive income</span><span style=\"display:inherit;clear:left;\">An increase in the exchange rates would, all other things being equal, have had the hypothetical impact on other comprehensive </span><span style=\"display:inherit;clear:left;\">income (OCI) for 2025 illustrated in the table below and vice versa for a decrease in exchange rates. The calculation is based on cash </span><span style=\"display:inherit;clear:left;\">flow hedges existing as at 31 December 2025. The sensitivity to GBP for 2024 was impacted by the hedging of the Britvic Group </span><span style=\"display:inherit;clear:left;\">acquisition and consequently higher than under normal circumstances. </span><span style=\"display:inherit;clear:left;\">Exchange rate sensitivity \u2013 other comprehensive income</span><span style=\"display:inherit;clear:left;position:relative;height:194.625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 665.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 616.928px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 213.25px; top: 16.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 339.844px; top: 16.8848px; width: 43.7461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Notional </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 531.375px; top: 16.8848px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 573.25px; top: 16.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 711.5px; top: 16.8848px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.3848px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 270.797px; top: 30.3848px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 343.797px; top: 30.3848px; width: 125.596px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Change</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 528.312px; top: 30.3848px; width: 31.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 631.125px; top: 30.3848px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 707.969px; top: 30.3848px; width: 31.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-845</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-33</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6788</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-886</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">PLN/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,7056</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-726</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-36</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.6912</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 98.002px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,1538</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-449</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.877px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,5753</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.5736</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.752px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,5128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-744</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9.0272</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 148.627px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UAH/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,1718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-639</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-77</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 165.502px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 244.406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 182.26px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-235</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">924</span></span></span><span style=\"display:inherit;clear:left;\">Applied exchange rates</span><span style=\"display:inherit;clear:left;\">The average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per </span><span style=\"display:inherit;clear:left;\">currency through the year.</span><span style=\"display:inherit;clear:left;\">Applied exchange rates</span><span style=\"display:inherit;clear:left;position:relative;height:204.6015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 377.875px; top: 0.0097656px; width: 283.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Closing rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 166.342px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Average rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 356.004px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Swiss franc (CHF)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.0371</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9067</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.8216</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chinese yuan (CNY)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9084</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9786</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9256</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9549</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Euro (EUR)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 318.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4689</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4600</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4591</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Pound sterling (GBP)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.5731</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.9934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.7044</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.8184</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Indian rupee (INR)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 284.32px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0708</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0838</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0763</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0824</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Laotian kip (LAK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 280.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00030</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00033</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00031</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00032</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Norwegian krone (NOK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 261px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6316</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6298</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6370</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6412</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Polish zloty (PLN)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7672</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7489</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7588</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7338</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ukrainian hryvnia (UAH)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 259.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1499</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1705</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1711</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Swedish krona (SEK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 273.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6904</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6495</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6755</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6523</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__128-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.1</span><span style=\"display:inherit;clear:left;\">Financial risk management and capital structure</span><span style=\"display:inherit;clear:left;\">The Group\u2019s activities mean it is exposed to a variety of financial risks, including market risk (foreign exchange risk, interest rate risk </span><span style=\"display:inherit;clear:left;\">and commodity risk), credit risk and liquidity risk, cf. sections 4.8-4.10. To reduce exposure to these risks, the Group enters into a </span><span style=\"display:inherit;clear:left;\">variety of financial instruments and generally seeks to apply hedge accounting to reduce volatility in the income statement.</span><span style=\"display:inherit;clear:left;\">The Group\u2019s financial risks are managed by Group Treasury in accordance with the Financial Risk Management Policy approved by </span><span style=\"display:inherit;clear:left;\">the Supervisory Board as an integrated part of the overall risk management process. The risk management governance structure is </span><span style=\"display:inherit;clear:left;\">described in the management review (pages 32-33). </span><span style=\"display:inherit;clear:left;\">Management regularly assesses whether the Group\u2019s capital structure is in the interests of the Group and its<span class=\"_ _7\"></span> shareholders.</span><span style=\"display:inherit;clear:left;\">The overall objective is to ensure a continued development and strengthening of the Group\u2019s capital structure that supports long-</span><span style=\"display:inherit;clear:left;\">term profitable growth and a solid increase in key earnings and ratios. This includes assessment of and decisions on the split of </span><span style=\"display:inherit;clear:left;\">financing between share capital and borrowings, which is a long-term strategic decision to be made in connection with significant </span><span style=\"display:inherit;clear:left;\">investments and other transactions.</span><span style=\"display:inherit;clear:left;\">The Group targets a leverage ratio below 2.5x. Leverage is measured as net interest-bearing debt/EBITDA; see section<span class=\"_ _7\"></span> 4.6 for more </span><span style=\"display:inherit;clear:left;\">about net interest-bearing debt. The leverage ratio at the end of 2025 was 3.28x (2024<span class=\"_ _7\"></span>: 1.73x).</span><span style=\"display:inherit;clear:left;\">The Group is rated by Moody\u2019s Investors Service and Fitch Ratings. Management assesses the risk of changes in the Group\u2019s </span><span style=\"display:inherit;clear:left;\">investment-grade rating as an element in strategic decisions on capital structure. Identification and monitoring of risks that could </span><span style=\"display:inherit;clear:left;\">change the rating were carried out on an ongoing basis throughout the year. Following the closing of the Britvic Group acquisition in </span><span style=\"display:inherit;clear:left;\">January 2025, Fitch issued a Rating Action Commentary in which it left the long-term rating unchanged but with a negative outlook.</span><span style=\"display:inherit;clear:left;\">Time to maturity for non-current borrowings</span><span style=\"display:inherit;clear:left;position:relative;height:132.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 223.324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1-2 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2-3 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3-4 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4-5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.9627px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Issued bonds</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 201.047px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,675</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,966</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,322</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,123</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,834</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.834px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">52</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">297</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 202.312px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">468</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">348</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">234</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">182</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,071</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,303</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.834px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.152px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,075</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,440</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,507</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,209</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,452</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,967</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,984</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,374</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,931</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,392</span></span></span><span style=\"display:inherit;clear:left;\">Assessment of credit risk</span><span style=\"display:inherit;clear:left;\">The Group is exposed to credit risk on cash and cash equivalents (including deposits) and derivative financial instruments with a </span><span style=\"display:inherit;clear:left;\">positive fair value, depending on the creditworthiness of the counterparty.</span><span style=\"display:inherit;clear:left;\">The Group has established a credit policy under which financial transactions may be entered into only with financial institutions with </span><span style=\"display:inherit;clear:left;\">a solid credit rating, defined as BBB. Carlsberg only enters into interest, foreign exchange and aluminium derivatives with relationship </span><span style=\"display:inherit;clear:left;\">banks, and the associated credit risk is mitigated to some extent by entering into ISDA agreements, partly because it is the same </span><span style=\"display:inherit;clear:left;\">group of banks extending credit to the Group. The fair values of the derivatives reported above are the gross fair value receivables </span><span style=\"display:inherit;clear:left;\">without taking account of the potential offset against fair value payables with the same bank.</span><span style=\"display:inherit;clear:left;\">Carl<span class=\"_ _7\"></span>sberg<span class=\"_ _7\"></span> oper<span class=\"_ _7\"></span>ates <span class=\"_ _7\"></span>with<span class=\"_ _7\"></span> indi<span class=\"_ _7\"></span>vidual<span class=\"_ _7\"></span> limi<span class=\"_ _7\"></span>ts on<span class=\"_ _7\"></span> bank<span class=\"_ _7\"></span>s, b<span class=\"_ _7\"></span>ased o<span class=\"_ _7\"></span>n rat<span class=\"_ _7\"></span>ing a<span class=\"_ _7\"></span>nd ot<span class=\"_ _7\"></span>her <span class=\"_ _7\"></span>facto<span class=\"_ _7\"></span>rs. F<span class=\"_ _7\"></span>or so<span class=\"_ _7\"></span>me of<span class=\"_ _7\"></span> the <span class=\"_ _7\"></span>marke<span class=\"_ _7\"></span>ts in<span class=\"_ _7\"></span> whic<span class=\"_ _7\"></span>h th<span class=\"_ _7\"></span>e Grou<span class=\"_ _7\"></span>p </span><span style=\"display:inherit;clear:left;\">oper<span class=\"_ _7\"></span>ates <span class=\"_ _7\"></span>and h<span class=\"_ _7\"></span>olds <span class=\"_ _7\"></span>cash,<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> fina<span class=\"_ _7\"></span>ncial<span class=\"_ _7\"></span> inst<span class=\"_ _7\"></span>ituti<span class=\"_ _7\"></span>ons d<span class=\"_ _7\"></span>o not<span class=\"_ _7\"></span> have<span class=\"_ _7\"></span> a BB<span class=\"_ _7\"></span>B rat<span class=\"_ _7\"></span>ing, <span class=\"_ _7\"></span>in wh<span class=\"_ _7\"></span>ich c<span class=\"_ _7\"></span>ase a<span class=\"_ _7\"></span>n exe<span class=\"_ _7\"></span>mpti<span class=\"_ _7\"></span>on is<span class=\"_ _7\"></span> appr<span class=\"_ _7\"></span>oved <span class=\"_ _7\"></span>by Gr<span class=\"_ _7\"></span>oup T<span class=\"_ _7\"></span>reasu<span class=\"_ _7\"></span>ry.</span><span style=\"display:inherit;clear:left;\">Exposure to credit risk </span><span style=\"display:inherit;clear:left;\">The carrying amount of DKK 9,585m (2024: DKK 11,601m) represents the maximum credit exposure related to cash and cash </span><span style=\"display:inherit;clear:left;\">equivalents and deposits. The credit risk on receivables is described in section 1.5.3.</span><span style=\"display:inherit;clear:left;\">Section 4.8</span><span style=\"display:inherit;clear:left;\">Interest rate risk</span><span style=\"display:inherit;clear:left;\">Interest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents, deposits and securities, and derivative </span><span style=\"display:inherit;clear:left;\">financial instruments. The target is to have a duration between three and eight years. At <span class=\"_ _7\"></span>31 December 2025, the duration was 4.4 </span><span style=\"display:inherit;clear:left;\">years (2024: 4.0 years). Interest rate risk is mainly managed using fixed-rate bonds, which are<span class=\"_ _7\"></span> denominated in EUR and GBP. At the </span><span style=\"display:inherit;clear:left;\">reporting date, 84% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year </span><span style=\"display:inherit;clear:left;\">(2024: 97%).</span><span style=\"display:inherit;clear:left;\">Net financial debt by currency</span><span style=\"display:inherit;clear:left;position:relative;height:306.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 310.594px; top: 43.9941px; width: 72.0234px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 452.219px; top: 43.9941px; width: 17.3906px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.938px; top: 43.9941px; width: 72.0234px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 43.9941px; width: 63.0586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.4941px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 358.891px; top: 57.4941px; width: 21.0879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">debt</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 406.484px; top: 57.4941px; width: 153.41px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">financial debt</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 586.531px; top: 57.4941px; width: 62.6543px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">debt, fixed %</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 673.797px; top: 57.4941px; width: 65.0801px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">debt, fixed %\u00b9</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 744.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 326.478px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,986</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">55,676</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,712</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">74% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">79% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 343.693px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-961</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.734px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 342.094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">147</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 744.592px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,628</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,391</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">79% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">86% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 744.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.16px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,676</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,452</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-5% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.744px; width: 745.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 322.049px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,038</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51,216</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">73% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">84% </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.494px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.486px; width: 744.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36,211</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31,254</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">82% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.361px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 345.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">133</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-991</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.236px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.109px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-217</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.111px; width: 742.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 343.693px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">318</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-81</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-37 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.4465px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.986px; width: 742.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 330.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,382</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">177</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">13% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-5 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.4465px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.744px; width: 745.014px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 323.613px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26,539</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25,830</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">68%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">97% </span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 In some currencies the percentage of net debt at fixed interest rates is negative, as the to<span class=\"_ _7\"></span>tal cash exceeds the total debt.</span><span style=\"display:inherit;clear:left;\">On a gross debt basis, 73% was at fixed interest rates (2024: 68%). Significant parts of the Group\u2019s cash and cash equivalents are </span><span style=\"display:inherit;clear:left;\">held in currencies other than the two main funding currencies, EUR and GBP, which account for the predominant part of the fixed-</span><span style=\"display:inherit;clear:left;\">rate borrowings. 91% of the Group\u2019s net debt is in EUR and 14% is in GBP (on a gross basis: 84% and 13%) and, consequently, the </span><span style=\"display:inherit;clear:left;\">interest rate exposure primarily relates to interest rate developments for EUR and GBP.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Sensitivity analysis</span><span style=\"display:inherit;clear:left;\">An increase in interest rates would result in an increase in net interest expenses. It is estimated that a 1 percentage point interest rate </span><span style=\"display:inherit;clear:left;\">increase across currencies would lead to an increase in net interest expenses of DKK <span class=\"_ _7\"></span>98m (2024: decrease of DKK 7m). </span><span style=\"display:inherit;clear:left;\">All debts are carried at amortised cost. Changes in the interest rate will impact not the carrying amount but the fair value of debt, cf. </span><span style=\"display:inherit;clear:left;\">section 4.7.1. The fair value of total gross borrowings was DKK 505m lower than the carrying amount (20<span class=\"_ _7\"></span>24: DKK 285m lower). </span><span style=\"display:inherit;clear:left;\">If all interest rates across tenor and currencies had been 1 percentage point higher at the reporting date, it would have led to a gain </span><span style=\"display:inherit;clear:left;\">of DKK 2,704m (2024: DKK 2,367m), and a similar loss had the interest rate been 1 percentage point lower.</span><span style=\"display:inherit;clear:left;\">Interest rate risk</span><span style=\"display:inherit;clear:left;position:relative;height:508.609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 429.922px; top: 30.4941px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 343.781px; top: 43.9941px; width: 38.8242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.656px; top: 43.9941px; width: 40.6992px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">effective</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 703.781px; top: 43.9941px; width: 38.8242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.4941px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 359.953px; top: 57.4941px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 411.703px; top: 57.4941px; width: 237.41px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">interest rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed for</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 11.7422px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Carrying amount</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.016px; top: 57.4941px; width: 38.5781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate risk</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.3691px; width: 60.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Issued bonds</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 750m maturing 26 November 2026</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,597</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 850m maturing 26 February 2027</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Floating</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,335</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 500m maturing 30 June 2027</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 193.752px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">0.5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1-2 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,728</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 700m maturing 5 October 2028</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4.2% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2-3 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,205</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 400m maturing 1 July 2029</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3-4 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,973</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 1bn maturing 28 August 2029</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 195.129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3-4 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,437</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 500m maturing 11 March 2030</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 189.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">0.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4-5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 8.19143px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,722 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.486px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 1bn maturing 27 February 2032</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.3% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.4143px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,434</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.361px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 600m maturing 5 October 2033</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.9627px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,436</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.236px; width: 738.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 1.15bn maturing 28 February 2035</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.4143px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,529</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-5\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value</span></span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.111px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP 500m maturing 28 February 2039</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.9627px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,225</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.869px; width: 649.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">59,621</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.744px; width: 649.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 391.061px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.764px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29,329</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 327.494px; width: 83.8066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other bond issues</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 347.113px; width: 58.9453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffa; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Floating-rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 341.766px; top: 344.486px; width: 397.975px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Floating</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4.5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,860</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cash flow</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 363.988px; width: 47.2676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffa; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed-rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 355.062px; top: 361.361px; width: 384.369px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,427</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 378.119px; width: 649.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 598.324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,287</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 394.994px; width: 649.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.763px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 428.744px; width: 183.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank borrowings and other borrowings</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 445.736px; width: 739.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Floating-rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 281.508px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Floating</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,613</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 462.611px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed-rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">102</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 479.369px; width: 649.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 601.399px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,715</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 496.244px; width: 649.793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 574.732px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,811</span></span></span><span style=\"display:inherit;clear:left;\">The sensitivity analysis is based on the financial instruments (borrowings, cash and cash equivalents, deposits and securities, and </span><span style=\"display:inherit;clear:left;\">derivative financial instruments) recognised at the reporting date. </span><span style=\"display:inherit;clear:left;\">The analysis was performed on the same basis as for 2024.</span><span style=\"display:inherit;clear:left;\">Section 4.9</span><span style=\"display:inherit;clear:left;\">Foreign exchange and commodity risk</span><span style=\"display:inherit;clear:left;\">4.9.1 Net revenue</span><span style=\"display:inherit;clear:left;\">Developments in exchange rates between DKK and the local functional currencies had a <span class=\"_ _7\"></span>negative impact of 2.0% on revenue and </span><span style=\"display:inherit;clear:left;\">2.7% on operating profit measured in DKK.</span><span style=\"display:inherit;clear:left;\">REVENUE BY CURRENCY (%)</span><span style=\"display:inherit;clear:left;position:relative;height:183.2265625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 408.297px; top: 0.0097656px; width: 136.904px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 22.2422px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 19.3613px; width: 532.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 378px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">11% </span></span><span class=\"pp-font-color-override-6\" style=\"position: absolute; display: inline-block; left: 0px; top: 39.1172px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 36.2363px; width: 532.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 377.228px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">19% </span></span><span class=\"pp-font-color-override-7\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.9922px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 53.1113px; width: 532.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 378.382px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">14% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">17% </span></span><span class=\"pp-font-color-override-8\" style=\"position: absolute; display: inline-block; left: 0px; top: 72.8672px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 69.9863px; width: 532.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 380.303px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9% </span></span><span class=\"pp-font-color-override-4\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.7422px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 86.8613px; width: 532.729px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 379.418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">6% </span></span><span class=\"pp-font-color-override-9\" style=\"position: absolute; display: inline-block; left: 0px; top: 106.617px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 103.736px; width: 532.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 382.08px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">6% </span></span><span class=\"pp-font-color-override-10\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.492px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 120.611px; width: 532.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span></span><span class=\"pp-font-color-override-11\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.367px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 137.486px; width: 532.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">PLN</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 381.461px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span></span><span class=\"pp-font-color-override-12\" style=\"position: absolute; display: inline-block; left: 0px; top: 157.242px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 154.361px; width: 532.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">LAK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span></span><span class=\"pp-font-color-override-3\" style=\"position: absolute; display: inline-block; left: 0px; top: 174.117px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 171.236px; width: 532.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 372.387px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">20% </span></span></span><span style=\"display:inherit;clear:left;\">EUR and DKK are in a fixed exchange rate relationship and, consequently, EUR is not hedged.</span><span style=\"display:inherit;clear:left;position:relative;height:160.6171875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 636.25px; top: 0.0097656px; width: 105.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in average FX </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 13.5098px; width: 627.188px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Entities in</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 489.094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Functional currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 653.078px; top: 13.5098px; width: 86.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate 2024 to 2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 742.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">The eurozone</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 543.638px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">0.1 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 742.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 581.051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-3.1 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 742.758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 568.024px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-0.7 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 742.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-1.3 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 98.002px; width: 742.137px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 553.646px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1.8 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.877px; width: 742.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 571.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.6 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.752px; width: 742.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Laos</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.001px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">LAK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-4.1 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 148.627px; width: 742.066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ukraine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 569.126px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UAH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-7.5 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span></span><span style=\"display:inherit;clear:left;\">4.9.2 Operating profit</span><span style=\"display:inherit;clear:left;\">Transaction risk</span><span style=\"display:inherit;clear:left;\">The Group is exposed to transaction risks on purchases and sales in currencies other than the local functional currencies. The Group </span><span style=\"display:inherit;clear:left;\">aims to hedge 70-90% of future cash flows in currencies other than the local functional currency on a four-quarter rolling basis.</span><span style=\"display:inherit;clear:left;\">Western Europe</span><span style=\"display:inherit;clear:left;\">For the entities in Western Europe, a major part of the purchases in foreign currencies is in EUR. This also applies to markets with a </span><span style=\"display:inherit;clear:left;\">functional currency other than EUR.</span><span style=\"display:inherit;clear:left;\">Hedging of EUR against the non-EUR local currencies will effectively eliminate a significant part of the currency risk in the entities\u2019 </span><span style=\"display:inherit;clear:left;\">operating profit in local currency. At Group level, these hedges are effectively a hedge of (parts of) the revenue in the relevant </span><span style=\"display:inherit;clear:left;\">currency and are accounted for as cash flow hedges, cf. section 4.4. The hedged amounts and the sensitivity analysis regarding these </span><span style=\"display:inherit;clear:left;\">hedges are shown in section 4.9.5.</span><span style=\"display:inherit;clear:left;\">Asia</span><span style=\"display:inherit;clear:left;\">The transaction risk is considered to be less significant due to lower purchases of raw and packaging materials in currencies other </span><span style=\"display:inherit;clear:left;\">than the local functional currencies as well as the high correlation between USD and most of the Asian currencies. An exception is </span><span style=\"display:inherit;clear:left;\">Laos, which has a significant spend in USD that is not possible to hedge.</span><span style=\"display:inherit;clear:left;\">Central &amp; Eastern Europe and India</span><span style=\"display:inherit;clear:left;\">The largest foreign exchange risk relates to Ukraine and Kazakhstan and their purchasing of raw and packaging materials in foreign </span><span style=\"display:inherit;clear:left;\">currency. For 2025 and 2026, the Group has chosen to hedge a portion of Ukraine\u2019s expenses in EUR and USD by designating bank </span><span style=\"display:inherit;clear:left;\">deposits in these currencies as hedging instruments.</span><span style=\"display:inherit;clear:left;\">4.9.3 Net finance</span><span style=\"display:inherit;clear:left;\">The Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a currency other than the </span><span style=\"display:inherit;clear:left;\">functional currency of the local entities reporting these, as well as the risk that arises when net cash inflow is generated in one </span><span style=\"display:inherit;clear:left;\">currency but borrowings are denominated and have to be repaid in another currency. The main currencies impacting net finance </span><span style=\"display:inherit;clear:left;\">during 2025 were EUR and UAH. The combined net foreign exchange, fair value adjustment loss and the effect of hyperinflation in </span><span style=\"display:inherit;clear:left;\">2025 was DKK -187m (2024: DKK 159m).</span><span style=\"display:inherit;clear:left;\">Currency profile of borrowings</span><span style=\"display:inherit;clear:left;\">Before and after derivative financial instruments</span><span style=\"display:inherit;clear:left;position:relative;height:180.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 523.125px; top: 19.2441px; width: 39.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Original </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 621.953px; top: 19.2441px; width: 31.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 19.2441px; width: 27.3574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">After </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 520.109px; top: 32.7441px; width: 39.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">principal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 612.953px; top: 32.7441px; width: 37.3008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">of swap</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 32.7441px; width: 24.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">swap</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.7363px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.982px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">345</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,745</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,090</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.6113px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,058</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,357</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.4863px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.55px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,986</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8,344</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50,642</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.361px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">915</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,468</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.236px; width: 739.84px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 523.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,037</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,146</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.111px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,331</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,411</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,080</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 150.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 502.211px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.744px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span></span></span><span style=\"display:inherit;clear:left;\">4.9.4 Consolidated profit and other comprehensive in<span class=\"_ _7\"></span>come</span><span style=\"display:inherit;clear:left;\">Consolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for </span><span style=\"display:inherit;clear:left;\">accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part </span><span style=\"display:inherit;clear:left;\">of this foreign exchange exposure by having debt in foreign currency and selling foreign currencies via foreign exchange forwards and </span><span style=\"display:inherit;clear:left;\">non-deliverable forwards, designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the </span><span style=\"display:inherit;clear:left;\">cost of hedging is balanced against the risk reduction.</span><span style=\"display:inherit;clear:left;\">Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are </span><span style=\"display:inherit;clear:left;\">partly hedged. Furthermore, following the Britvic acquisition Carlsberg chose to hedge part of the net investment via a GBP 500m </span><span style=\"display:inherit;clear:left;\">EMTN bond, cf. section 4.8, and GBP 250m of ordinary FX forwards. Only the latter is reflected in the average hedged rate in the </span><span style=\"display:inherit;clear:left;\">table.  </span><span style=\"display:inherit;clear:left;\">All the forward exchange contracts mature during 2026. At 31 December 2025<span class=\"_ _7\"></span>, all adjustments of financial instruments have been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income.</span><span style=\"display:inherit;clear:left;\">The fa<span class=\"_ _7\"></span>ir value<span class=\"_ _7\"></span> of deri<span class=\"_ _7\"></span>vatives u<span class=\"_ _7\"></span>sed as n<span class=\"_ _7\"></span>et inves<span class=\"_ _7\"></span>tment he<span class=\"_ _7\"></span>dges rec<span class=\"_ _7\"></span>ognised a<span class=\"_ _7\"></span>t 31 Dec<span class=\"_ _7\"></span>ember <span class=\"_ _0\"></span>2025 am<span class=\"_ _7\"></span>ounted <span class=\"_ _7\"></span>to DKK <span class=\"_ _7\"></span>18m (2024:<span class=\"_ _7\"></span> DKK -59<span class=\"_ _7\"></span>m).</span><span style=\"display:inherit;clear:left;\">The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer </span><span style=\"display:inherit;clear:left;\">applies amounted to DKK -1,530m (2024: DKK -1,928m) on a pre-tax basis. </span><span style=\"display:inherit;clear:left;position:relative;height:287.29296875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 145.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net investment hedges</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 29.5723px; width: 709.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 48.8066px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 62.3066px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 62.3066px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 62.3066px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 75.8066px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 75.8066px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.3066px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 89.3066px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 89.3066px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 106.299px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 239.643px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,486</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">313</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,9183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.174px; width: 739.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-167</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,5427</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.049px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.924px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-370</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,1044</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 173.799px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6154</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 190.674px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 249.691px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-365</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,397</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6757</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 207.549px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-663</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,809</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,5473</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 224.424px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 241.299px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 258.174px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">INR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 243.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0700</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 274.932px; width: 469.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 429.675px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 636.656px; top: 274.932px; width: 101.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:238.5px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 709.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 16.8848px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 30.3848px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 30.3848px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 30.3848px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 43.8848px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 43.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.3848px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 57.3848px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 57.3848px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.377px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.539px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,707</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9650</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.252px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-164</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.4863</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.127px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,896</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-226</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.002px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.0578</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.877px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.752px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 266.678px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,895</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.627px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 264.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.502px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.135px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 425.7px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-312</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-78</span></span></span><span style=\"display:inherit;clear:left;\">4.9.5 Impact on financial statements and sensitivity a<span class=\"_ _7\"></span>nalysis</span><span style=\"display:inherit;clear:left;\">Fluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In </span><span style=\"display:inherit;clear:left;\">2025, net interest-bearing debt decreased by DKK 103m (2024: increased by DKK 65m)<span class=\"_ _7\"></span> because of changes in foreign exchange </span><span style=\"display:inherit;clear:left;\">rates and amortisation. The most significant FX impact on the income statement comes from the Group\u2019s EUR-denominated debt. </span><span style=\"display:inherit;clear:left;\">Net debt in EUR was DKK 55.7bn at the end of 2025, and EUR/DKK increased by 0.1% during the year, resulting in a loss of DKK </span><span style=\"display:inherit;clear:left;\">76m. </span><span style=\"display:inherit;clear:left;\">Exchange rate sensitivity analysis \u2013 other comprehensive income</span><span style=\"display:inherit;clear:left;\">An increase in the exchange rates would, all other things being equal, have had the hypothetical impact on other comprehensive </span><span style=\"display:inherit;clear:left;\">income (OCI) for 2025 illustrated in the table below and vice versa for a decrease in exchange rates. The calculation is based on cash </span><span style=\"display:inherit;clear:left;\">flow hedges existing as at 31 December 2025. The sensitivity to GBP for 2024 was impacted by the hedging of the Britvic Group </span><span style=\"display:inherit;clear:left;\">acquisition and consequently higher than under normal circumstances. </span><span style=\"display:inherit;clear:left;\">Exchange rate sensitivity \u2013 other comprehensive income</span><span style=\"display:inherit;clear:left;position:relative;height:194.625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 665.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 616.928px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 213.25px; top: 16.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 339.844px; top: 16.8848px; width: 43.7461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Notional </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 531.375px; top: 16.8848px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 573.25px; top: 16.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 711.5px; top: 16.8848px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.3848px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 270.797px; top: 30.3848px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 343.797px; top: 30.3848px; width: 125.596px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Change</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 528.312px; top: 30.3848px; width: 31.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 631.125px; top: 30.3848px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 707.969px; top: 30.3848px; width: 31.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-845</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-33</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6788</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-886</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">PLN/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,7056</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-726</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-36</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.6912</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 98.002px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,1538</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-449</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.877px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,5753</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.5736</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.752px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,5128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-744</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9.0272</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 148.627px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UAH/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,1718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-639</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-77</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 165.502px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 244.406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 182.26px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-235</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">924</span></span></span><span style=\"display:inherit;clear:left;\">Applied exchange rates</span><span style=\"display:inherit;clear:left;\">The average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per </span><span style=\"display:inherit;clear:left;\">currency through the year.</span><span style=\"display:inherit;clear:left;\">Applied exchange rates</span><span style=\"display:inherit;clear:left;position:relative;height:204.6015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 377.875px; top: 0.0097656px; width: 283.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Closing rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 166.342px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Average rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 356.004px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Swiss franc (CHF)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.0371</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9067</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.8216</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chinese yuan (CNY)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9084</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9786</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9256</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9549</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Euro (EUR)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 318.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4689</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4600</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4591</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Pound sterling (GBP)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.5731</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.9934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.7044</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.8184</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Indian rupee (INR)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 284.32px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0708</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0838</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0763</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0824</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Laotian kip (LAK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 280.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00030</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00033</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00031</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00032</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Norwegian krone (NOK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 261px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6316</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6298</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6370</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6412</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Polish zloty (PLN)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7672</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7489</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7588</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7338</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ukrainian hryvnia (UAH)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 259.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1499</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1705</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1711</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Swedish krona (SEK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 273.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6904</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6495</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6755</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6523</span></span></span><span style=\"display:inherit;clear:left;\">4.9.6 Commodity risk</span><span style=\"display:inherit;clear:left;\">Commodity price risk is associated with externally sourced input materials, such as malt (barley), cans (aluminium), paper, sugar and </span><span style=\"display:inherit;clear:left;\">glass &amp; plastic (PET) bottles. Commodity risk management is coordinated centrally and aimed at achieving predictable prices in the </span><span style=\"display:inherit;clear:left;\">medium term. </span><span style=\"display:inherit;clear:left;\">As the underlying markets for the commodity categories are different, so is the way in which they are hedged.</span><span style=\"display:inherit;clear:left;\">The most common form of hedging is fixed-price purchase agreements with suppliers in local currencies. </span><span style=\"display:inherit;clear:left;\">For barley and aluminium, the two most significant commodity exposures, Group policy is to have a minimum of 70% hedged for a </span><span style=\"display:inherit;clear:left;\">given year by the end of the third quarter of the previous year, with a target hedge ratio of 90% at the beginning of the year.</span><span style=\"display:inherit;clear:left;\">A significant part of the Group\u2019s barley exposure for 2025 had therefore been hedged through fixed-price purchase agreements </span><span style=\"display:inherit;clear:left;\">entered into in 2024. Likewise, the majority of the exposure for 2026 was hedged in 2025.</span><span style=\"display:inherit;clear:left;\">In <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> Gro<span class=\"_ _7\"></span>up\u2019s<span class=\"_ _7\"></span> lo<span class=\"_ _7\"></span>ng-t<span class=\"_ _7\"></span>erm<span class=\"_ _7\"></span> pur<span class=\"_ _7\"></span>chas<span class=\"_ _7\"></span>e a<span class=\"_ _7\"></span>gree<span class=\"_ _7\"></span>men<span class=\"_ _7\"></span>ts f<span class=\"_ _7\"></span>or c<span class=\"_ _7\"></span>ans<span class=\"_ _7\"></span>, th<span class=\"_ _7\"></span>e al<span class=\"_ _7\"></span>umi<span class=\"_ _7\"></span>nium<span class=\"_ _7\"></span> pr<span class=\"_ _7\"></span>ice <span class=\"_ _7\"></span>is v<span class=\"_ _7\"></span>aria<span class=\"_ _7\"></span>ble<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> ba<span class=\"_ _7\"></span>sed <span class=\"_ _7\"></span>on t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>glob<span class=\"_ _7\"></span>al m<span class=\"_ _7\"></span>ark<span class=\"_ _7\"></span>et p<span class=\"_ _7\"></span>ric<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">alu<span class=\"_ _7\"></span>min<span class=\"_ _7\"></span>ium <span class=\"_ _7\"></span>(Lon<span class=\"_ _7\"></span>don<span class=\"_ _7\"></span> Met<span class=\"_ _7\"></span>al E<span class=\"_ _7\"></span>xch<span class=\"_ _7\"></span>ange<span class=\"_ _7\"></span>, L<span class=\"_ _7\"></span>ME),<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> in<span class=\"_ _7\"></span> som<span class=\"_ _7\"></span>e co<span class=\"_ _7\"></span>ntr<span class=\"_ _7\"></span>acts<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e ca<span class=\"_ _7\"></span>n pr<span class=\"_ _7\"></span>ice<span class=\"_ _7\"></span> als<span class=\"_ _7\"></span>o va<span class=\"_ _7\"></span>rie<span class=\"_ _7\"></span>s wi<span class=\"_ _7\"></span>th r<span class=\"_ _7\"></span>esp<span class=\"_ _7\"></span>ect <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>alum<span class=\"_ _7\"></span>ini<span class=\"_ _7\"></span>um s<span class=\"_ _7\"></span>pot <span class=\"_ _7\"></span>pre<span class=\"_ _7\"></span>mium<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">The aluminium price risk has been hedged for both 2025 and 2026, and in both cases the aluminium spot premium was partly </span><span style=\"display:inherit;clear:left;\">hedged using derivative financial instruments. The fair values of the derivative financial instruments are specified in section<span class=\"_ _7\"></span> 4.5.</span><span style=\"display:inherit;clear:left;\">For sugar, we enter into fixed-price agreements linked to official indices, for example NY11. As with barley and aluminium, the </span><span style=\"display:inherit;clear:left;\">majority of the 2025 sugar exposure had been hedged in 2024. Likewise, the majority of the exposure for 2026 was hedged in 2025.</span><span style=\"display:inherit;clear:left;\">Other commodities, such as PET resins, paper, rice and corn, are also hedged directly via suppliers fixing prices to the extent possible.<span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">For electricity and natural gas used in production of the Group\u2019s own products, most markets in Central &amp; Eastern Europe and India </span><span style=\"display:inherit;clear:left;\">and Asia are regulated with no possibility to hedge prices. In Western Europe, where most markets allow forward hedging, the </span><span style=\"display:inherit;clear:left;\">majority of the Group\u2019s exposure is hedged up to a 15-month rolling basis using either fixed-price agreements or derivative financial </span><span style=\"display:inherit;clear:left;\">instruments. For the electricity used in the Nordics, Carlsberg has entered into a number of virtual power purchase agreements with </span><span style=\"display:inherit;clear:left;\">maturity of up to 10 years accounted for as derivative financial instruments, and in the UK Carlsberg has entered into physically </span><span style=\"display:inherit;clear:left;\">settled power purchase agreements accounted for as executory agreements. For Western Europe, the impact of changes in diesel </span><span style=\"display:inherit;clear:left;\">prices on the cost of distribution has been hedged for 2026.</span><span style=\"display:inherit;clear:left;\">Commodity price sensitivity analysis</span><span style=\"display:inherit;clear:left;\">Increases in the price of aluminium, diesel and electricity would, all other things being equal, have had the hypothetical impacts on </span><span style=\"display:inherit;clear:left;\">other comprehensive income (OCI) for 2025 as illustrated in the table, and vice versa for price decreases. The calculation is based on </span><span style=\"display:inherit;clear:left;\">hedges existing as at 31 December 2025.</span><span style=\"display:inherit;clear:left;\">Hedging of raw material price risk</span><span style=\"display:inherit;clear:left;position:relative;height:256.4453125px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 156.359px; top: 2.46289px; width: 94.6289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sensitivity assuming</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 164.688px; top: 15.9629px; width: 483.539px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> 100% efficiency</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 326.478px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Time of maturity</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 261.625px; top: 35.0879px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 405.031px; top: 35.0879px; width: 67.5996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average price </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 48.5879px; width: 199.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Aluminium</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.24px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Change</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 258.312px; top: 48.5879px; width: 121.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Tonnes purchased</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 440.609px; top: 48.5879px; width: 299.461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">(DKK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2026</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2027</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 65.4629px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.234px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">469</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">124,688</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,094</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">124,688</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 82.4551px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">333</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">93,341</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,189</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">82,826</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 261.625px; top: 116.088px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 405.031px; top: 116.088px; width: 67.5996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average price </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.588px; width: 199.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Diesel</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.709px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Change</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 258.312px; top: 129.588px; width: 121.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Tonnes purchased</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 440.609px; top: 129.588px; width: 299.461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">(DKK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2026</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2027</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.463px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.234px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,569</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,028</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37,675</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,894</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.455px; width: 23.25px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 261.625px; top: 197.088px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 405.031px; top: 197.088px; width: 67.5996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average price </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 210.588px; width: 199.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Electricity</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.51px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Change</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 258.312px; top: 210.588px; width: 121.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 12.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">MWh purchased</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 440.609px; top: 210.588px; width: 299.467px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">(DKK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1-5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.4143px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 227.463px; width: 739.846px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.234px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">848,973</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57,940</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">353,286</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">437,747</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 244.455px; width: 23.25px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span></span><span style=\"display:inherit;clear:left;\">Natural gas and the aluminium spot premium have also been hedged via derivatives, and the hypothetical effect on OCI of a 20% </span><span style=\"display:inherit;clear:left;\">increase would have been DKK 14m and DKK 2m respectively as at 31 December 2025 (2024: DKK 0m and DKK 0m).</span><span style=\"display:inherit;clear:left;\">Section 4.10</span><span style=\"display:inherit;clear:left;\">Funding and liquidity risk</span><span style=\"display:inherit;clear:left;\">Liquidity risk results from the Group\u2019s potential inability to meet the obligations associated with its financial liabilities, for example </span><span style=\"display:inherit;clear:left;\">settlement of financial debt and payment of suppliers.</span><span style=\"display:inherit;clear:left;\">Th<span class=\"_ _7\"></span>e G<span class=\"_ _7\"></span>ro<span class=\"_ _7\"></span>up\u2019<span class=\"_ _7\"></span>s o<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ral<span class=\"_ _7\"></span>l o<span class=\"_ _7\"></span>bj<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span>ive<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>s t<span class=\"_ _7\"></span>o e<span class=\"_ _7\"></span>ns<span class=\"_ _7\"></span>ure<span class=\"_ _7\"></span> co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>inu<span class=\"_ _7\"></span>ou<span class=\"_ _7\"></span>s a<span class=\"_ _7\"></span>cce<span class=\"_ _7\"></span>ss<span class=\"_ _7\"></span>, a<span class=\"_ _7\"></span>t t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> ri<span class=\"_ _7\"></span>ght<span class=\"_ _7\"></span> p<span class=\"_ _7\"></span>ric<span class=\"_ _7\"></span>e,<span class=\"_ _7\"></span> to<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>fin<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>ia<span class=\"_ _7\"></span>l r<span class=\"_ _7\"></span>eso<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ces<span class=\"_ _7\"></span> n<span class=\"_ _7\"></span>eed<span class=\"_ _7\"></span>ed <span class=\"_ _7\"></span>fo<span class=\"_ _7\"></span>r o<span class=\"_ _7\"></span>per<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>ion<span class=\"_ _7\"></span>s a<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> gr<span class=\"_ _7\"></span>owt<span class=\"_ _7\"></span>h.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">The aim is to ensure effective liquidity management, which involves obtaining sufficient committed credit facilities to ensure adequate </span><span style=\"display:inherit;clear:left;\">financial resources and, to some extent, tapping a range of funding sources.</span><span style=\"display:inherit;clear:left;\">Diversified funding sources</span><span style=\"display:inherit;clear:left;\">The Group diversifies its access to funding to avoid relying on a single source of funding.</span><span style=\"display:inherit;clear:left;\">The Group has access to a committed EUR 2bn revolving credit facility maturing in 2030 with an option to extend by one year. The </span><span style=\"display:inherit;clear:left;\">RCF is currently not being utilised. In addition, the Group has committed and uncommitted cash pool bank overdraft facilities to cover </span><span style=\"display:inherit;clear:left;\">its day-to-day liquidity needs and uncommitted access to the euro commercial paper market, which provides short-term funding.</span><span style=\"display:inherit;clear:left;\">At 31 December 2025, bonds (EMTN and US Private Placements) accounted for 92%<span class=\"_ _7\"></span> of the gross funding. The US Private </span><span style=\"display:inherit;clear:left;\">Placements are issued by Britvic Ltd. and are subject to financial covenants that are measured semi-annually. The financial </span><span style=\"display:inherit;clear:left;\">covenants are net borrowing to EBITDA and EBITDA to net interest payable, both calculated for the group of entities that was </span><span style=\"display:inherit;clear:left;\">previously the Britvic Group. Carlsberg is monitoring these two financial covenants and does not consider them to constitute a risk of </span><span style=\"display:inherit;clear:left;\">pre-payment of the notes. The book value of the US Private Placements was DKK 5,287m<span class=\"_ _7\"></span> at 31 December 2025 and is presented as </span><span style=\"display:inherit;clear:left;\">Other bond issues in section 4.8.</span><span style=\"display:inherit;clear:left;\">Committed credit facilities and credit resources available</span><span style=\"display:inherit;clear:left;position:relative;height:324.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 444.625px; top: 19.2441px; width: 28.0195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 523.016px; top: 19.2441px; width: 35.3965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Utilised</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.797px; top: 32.7441px; width: 50.1094px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">committed</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 512.438px; top: 32.7441px; width: 52.2832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">portion of  </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 602.922px; top: 32.7441px; width: 46.8105px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Unutilised</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 394.594px; top: 46.2441px; width: 77.8184px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">loans and credit </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 531.797px; top: 46.2441px; width: 29.3379px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">credit </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 46.2441px; width: 26.4023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">credit</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 660.953px; top: 46.2441px; width: 82.0312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> Unutilised credit </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 59.7441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 430.656px; top: 59.7441px; width: 39.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">facilities</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 519.766px; top: 59.7441px; width: 39.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">facilities</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 610.688px; top: 59.7441px; width: 39.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">facilities</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 673.328px; top: 59.7441px; width: 66.4395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">facilities 2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 76.6191px; width: 34.9043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 93.6113px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 406.534px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,332</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,171</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,161</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,248</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 110.166px; width: 234.164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total current committed loans and credit facilities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 440.609px; top: 110.369px; width: 299.713px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">10,332</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,171</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,161</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,248</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.369px; width: 57.1992px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1-2 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2-3 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.524px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,075</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,075</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-4 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 399.803px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,440</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,440</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">179</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.986px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">4-5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 397.987px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,445</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,507</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,938</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,979</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.861px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 396.353px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,209</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,209</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 247.619px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total non-current committed loans and credit facilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">76,390</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,452</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,938</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15,168</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.611px; width: 182.461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents and deposits</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 264.611px; width: 115.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">9,585</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,601</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 739.934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current portion of utilised credit facilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 279.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,171</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10,748</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 295.361px; width: 205.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Credit resources available (total non-current </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 311.861px; width: 230.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">committed loans and credit facilities less net debt)</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 620.344px; top: 311.744px; width: 119.455px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15,352</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,021</span></span></span><span style=\"display:inherit;clear:left;\">Credit resources available</span><span style=\"display:inherit;clear:left;\">The Group uses the term \u201ccredit resources available\u201d to determine the adequacy of access to credit facilities.</span><span style=\"display:inherit;clear:left;\">Credit resources available include cash, deposits and unutilised credit facilities with more than 12 months to maturity less utilised </span><span style=\"display:inherit;clear:left;\">credit facilities with less than 12 months to maturity and uncommitted working capital facilities<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">At 31 December 2025, the Group had total credit resources available of DKK 15,352m<span class=\"_ _7\"></span>, consisting of cash and cash equivalents and </span><span style=\"display:inherit;clear:left;\">deposits of DKK 9,585m plus unutilised committed non-current credit facilities of <span class=\"_ _7\"></span>DKK 14,938m less utilisation of current facilities of </span><span style=\"display:inherit;clear:left;\">DKK 9,171m. Including current credit facilities of DKK 1,161m, total unutilised committed credit facilities amounted to DKK <span class=\"_ _7\"></span>16,099m.</span><span style=\"display:inherit;clear:left;\">Credit resources available at year-end 2025 were DKK 0.7bn lower than at year-end 2024<span class=\"_ _7\"></span>, primarily as a result of the decrease in </span><span style=\"display:inherit;clear:left;\">cash and deposits. </span><span style=\"display:inherit;clear:left;\">The credit resources available and access to unutilised committed credit facilities are considered reasonable in light of the Group\u2019s </span><span style=\"display:inherit;clear:left;\">current needs in terms of financial flexibility. </span><span style=\"display:inherit;clear:left;\">The Group uses cash pools for day-to-day liquidity management in most of its entities in Western Europe, as well as intra-group </span><span style=\"display:inherit;clear:left;\">loans to and from subsidiaries. Asia and Central &amp; Eastern Europe and India are less integrated in terms of cash pools, and liquidity is </span><span style=\"display:inherit;clear:left;\">managed via intra-group loans. For some markets, intra-group loans are not possible, and surplus liquidity will be paid out in the </span><span style=\"display:inherit;clear:left;\">form of dividends, which results in a time lag between when the cash flow is generated and when it becomes available for </span><span style=\"display:inherit;clear:left;\">repayment of Group debts. The most significant cash balances subject to this delay are in India and also in Ukraine. Cash balances of </span><span style=\"display:inherit;clear:left;\">DKK 1.3bn held in Ukraine are temporarily unavailable for Group purposes due to the ongoing war. </span><span style=\"display:inherit;clear:left;\">Maturity of financial liabilities</span><span style=\"display:inherit;clear:left;position:relative;height:261.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 518.578px; top: 19.2441px; width: 41.4375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Maturity</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 324.312px; top: 32.7441px; width: 54.8145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contractual</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 427.391px; top: 32.7441px; width: 41.4375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Maturity</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 524.516px; top: 32.7441px; width: 35.4844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&gt; 1 year</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 608.812px; top: 32.7441px; width: 41.4375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Maturity</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.344px; top: 32.7441px; width: 39.6797px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 46.2441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 329.969px; top: 46.2441px; width: 49.6758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">cash flows</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 433.5px; top: 46.2441px; width: 35.4844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&lt; 1 year</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 516.938px; top: 46.2441px; width: 42.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&lt; 5 years</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 606.938px; top: 46.2441px; width: 42.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&gt; 5 years</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 703.781px; top: 46.2441px; width: 35.9121px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 63.1191px; width: 147.896px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivative financial instruments</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 80.1113px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivative financial instruments, payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.94px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">118</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">141</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 113.744px; width: 170.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-derivative financial instruments</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 130.736px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross financial debt</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 261px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,971</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,378</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,417</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 147.611px; width: 739.887px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,359</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,217</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,858</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,284</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 164.486px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade payables and deposits on returnable packing materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,579</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,579</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,579</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 181.361px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contingent liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 269.812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">252</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">252</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 198.236px; width: 739.799px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contingent and deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.94px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">247</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,398</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,645</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 214.994px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-derivative financial instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.463px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113,806</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,471</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,634</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,701</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 231.869px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 259.582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113,924</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,580</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,643</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,701</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.744px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">69,667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37,854</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22,087</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,726</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span></span><span style=\"display:inherit;clear:left;\">Maturity of financial liabilities</span><span style=\"display:inherit;clear:left;\">The table above lists the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact </span><span style=\"display:inherit;clear:left;\">of netting agreements, and thus summarises the gross liquidity risk. </span><span style=\"display:inherit;clear:left;\">The risk implied by the values reflects the one-sided scenario of cash outflows only. Trade payables and other financial liabilities </span><span style=\"display:inherit;clear:left;\">originate from the financing of assets in ongoing operations, such as property, plant and equipment, and investments in working </span><span style=\"display:inherit;clear:left;\">capital, for example inventories and trade receivables.</span><span style=\"display:inherit;clear:left;\">The nominal amount/contractual cash flow of gross financial debt totalled DKK 70,971m<span class=\"_ _7\"></span> in 2025 (2024: DKK 38,338m), whereas the </span><span style=\"display:inherit;clear:left;\">total carrying amount was DKK 70,623m (2024: DKK\ue7fe38,140m). The difference between these amounts relates to establishment </span><span style=\"display:inherit;clear:left;\">costs, which are capitalised on initial recognition and amortised over the duration of the borrowings.</span><span style=\"display:inherit;clear:left;\">The interest expense is the contractual cash flows expected on the gross financial debt existing at <span class=\"_ _7\"></span>31 December 2025. </span><span style=\"display:inherit;clear:left;\">The cash flow is estimated based on the notional amount of the above-mentioned borrowings and expected interest rates at year-</span><span style=\"display:inherit;clear:left;\">end 2025 and 2024. Interest on debt recognised at year-end 2025 and 2024 for which no contractual obligation exists (current </span><span style=\"display:inherit;clear:left;\">borrowings and other debts) has been included for a two-year period. The synthetic interest on lease liabilities has also been included </span><span style=\"display:inherit;clear:left;\">for a two-year period. The interest applied to the part of the debt where no contractual obligation exists is 3.25% for 2026 and 3.0% </span><span style=\"display:inherit;clear:left;\">for 2027 (2024: 3.25% for 2025 and 3.0% for 2026).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__129": {
   "value": "<span style=\"display:inherit;clear:left;\">Management regularly assesses whether the Group\u2019s capital structure is in the interests of the Group and its<span class=\"_ _7\"></span> shareholders.</span><span style=\"display:inherit;clear:left;\">The overall objective is to ensure a continued development and strengthening of the Group\u2019s capital structure that supports long-</span><span style=\"display:inherit;clear:left;\">term profitable growth and a solid increase in key earnings and ratios. This includes assessment of and decisions on the split of </span><span style=\"display:inherit;clear:left;\">financing between share capital and borrowings, which is a long-term strategic decision to be made in connection with significant </span><span style=\"display:inherit;clear:left;\">investments and other transactions.</span><span style=\"display:inherit;clear:left;\">The Group targets a leverage ratio below 2.5x. Leverage is measured as net interest-bearing debt/EBITDA; see section<span class=\"_ _7\"></span> 4.6 for more </span><span style=\"display:inherit;clear:left;\">about net interest-bearing debt. The leverage ratio at the end of 2025 was 3.28x (2024<span class=\"_ _7\"></span>: 1.73x).</span><span style=\"display:inherit;clear:left;\">The Group is rated by Moody\u2019s Investors Service and Fitch Ratings. Management assesses the risk of changes in the Group\u2019s </span><span style=\"display:inherit;clear:left;\">investment-grade rating as an element in strategic decisions on capital structure. Identification and monitoring of risks that could </span><span style=\"display:inherit;clear:left;\">change the rating were carried out on an ongoing basis throughout the year. Following the closing of the Britvic Group acquisition in </span><span style=\"display:inherit;clear:left;\">January 2025, Fitch issued a Rating Action Commentary in which it left the long-term rating unchanged but with a negative outlook.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__132-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.2</span><span style=\"display:inherit;clear:left;\">Equity</span><span style=\"display:inherit;clear:left;\">EQUITY (DKKbn) </span><span style=\"display:inherit;clear:left;\">7.0</span><span style=\"display:inherit;clear:left;\">0.7</span><span style=\"display:inherit;clear:left;\">0.1</span><span style=\"display:inherit;clear:left;\">30.6</span><span style=\"display:inherit;clear:left;\">30.7</span><span style=\"display:inherit;clear:left;\">-3.3</span><span style=\"display:inherit;clear:left;\">-4.4</span><span style=\"display:inherit;clear:left;\">Equity</span><span style=\"display:inherit;clear:left;\">Profit for the period<span class=\"_ _e1\"> </span>Foreign exchange </span><span style=\"display:inherit;clear:left;\">Other<span class=\"_ _103\"> </span>Non-controlling</span><span style=\"display:inherit;clear:left;\">Dividends paid<span class=\"_ _2c\"> </span>Equity<span class=\"_ _7\"></span> at</span><span style=\"display:inherit;clear:left;\">at 1 January</span><span style=\"display:inherit;clear:left;\">adjustments</span><span style=\"display:inherit;clear:left;\">interests</span><span style=\"display:inherit;clear:left;\">31 December</span><span style=\"display:inherit;clear:left;\">Transactions with shareholders in Carlsberg A/S</span><span style=\"display:inherit;clear:left;position:relative;height:79.875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 17.002px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Dividends paid to shareholders</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 457.342px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,569</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,601</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.877px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of treasury shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.752px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share buy-back</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 550.909px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,960</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 67.5098px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,573</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,561</span></span></span><span style=\"display:inherit;clear:left;\">Dividends</span><span style=\"display:inherit;clear:left;\">The Group proposes a dividend of DKK <span style=\"letter-spacing: 0.001px;\">29.00</span> per share (2024: DKK <span style=\"letter-spacing: 0.001px;\">27.00</span> per share), amounting to DKK <span class=\"_ _7\"></span><span style=\"letter-spacing: 0.003px;\">3,847</span>m (2024: DKK </span><span style=\"display:inherit;clear:left;\"><span style=\"letter-spacing: 0.001px;\">3,625</span>m). The proposed dividend has been included in retained earnings at 31 December <span class=\"_ _7\"></span>2025.</span><span style=\"display:inherit;clear:left;\">Dividends to be paid out in 2026 for 2025, net of dividends on treasury shares held at 31 December<span class=\"_ _7\"></span> 2025, will amount to DKK 3,833m </span><span style=\"display:inherit;clear:left;\">(paid out in 2025 for 2024: DKK 3,601m).</span><span style=\"display:inherit;clear:left;\">Dividends to non-controlling interests of DKK 55m were declared and reported as payable at 31 December 2024 and paid out in </span><span style=\"display:inherit;clear:left;\">2025. At 31 December 2025, dividends to non-controlling interests of DKK 59m were payable.</span><span style=\"display:inherit;clear:left;\">Non-controlling interests</span><span style=\"display:inherit;clear:left;\">Transactions with non-controlling interests</span><span style=\"display:inherit;clear:left;position:relative;height:82.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 745.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Dividends paid to non-controlling interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.084px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-817 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,364 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consideration received for disposal of non-controlling interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 234.961px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">138 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 745.084px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consideration paid for acquisition of non-controlling interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-185 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,099 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.8691px; width: 745.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 497.04px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-864 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6,463 </span></span></span><span style=\"display:inherit;clear:left;\">The consideration paid for non-controlling interests in 2025 was deferred consideration for shares in Carlsberg South Asia acquired in </span><span style=\"display:inherit;clear:left;\">2024, and the disposal of non-controlling interests related to the 6% decrease in ownership of Gorkha Brewery, Nepal. In 2024, the </span><span style=\"display:inherit;clear:left;\">consideration paid for non-controlling interests also related to 40% of the shares in Carlsberg Marston\u2019s Brewing Company, cf. </span><span style=\"display:inherit;clear:left;\">section 5.2.</span><span style=\"display:inherit;clear:left;\">Proposed dividends </span><span style=\"display:inherit;clear:left;\">The proposed dividend is recognised as a liability at the date when it is adopted at the Annual General Meeting (declaration date).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__131": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.2</span><span style=\"display:inherit;clear:left;\">Equity</span><span style=\"display:inherit;clear:left;\">EQUITY (DKKbn) </span><span style=\"display:inherit;clear:left;\">7.0</span><span style=\"display:inherit;clear:left;\">0.7</span><span style=\"display:inherit;clear:left;\">0.1</span><span style=\"display:inherit;clear:left;\">30.6</span><span style=\"display:inherit;clear:left;\">30.7</span><span style=\"display:inherit;clear:left;\">-3.3</span><span style=\"display:inherit;clear:left;\">-4.4</span><span style=\"display:inherit;clear:left;\">Equity</span><span style=\"display:inherit;clear:left;\">Profit for the period<span class=\"_ _e1\"> </span>Foreign exchange </span><span style=\"display:inherit;clear:left;\">Other<span class=\"_ _103\"> </span>Non-controlling</span><span style=\"display:inherit;clear:left;\">Dividends paid<span class=\"_ _2c\"> </span>Equity<span class=\"_ _7\"></span> at</span><span style=\"display:inherit;clear:left;\">at 1 January</span><span style=\"display:inherit;clear:left;\">adjustments</span><span style=\"display:inherit;clear:left;\">interests</span><span style=\"display:inherit;clear:left;\">31 December</span><span style=\"display:inherit;clear:left;\">4.2.1 Transactions with shareholders </span><span style=\"display:inherit;clear:left;\">Share capital</span><span style=\"display:inherit;clear:left;position:relative;height:150.75px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 260.109px; top: 0.0097656px; width: 438.141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Class A shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.603px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Class B shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total share capital</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 339.844px; top: 27.0098px; width: 39.8496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Nominal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 520.109px; top: 27.0098px; width: 39.8496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Nominal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.219px; top: 27.0098px; width: 39.8496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Nominal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 245.5px; top: 40.5098px; width: 44.2266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shares of</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 352.875px; top: 40.5098px; width: 27.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">value,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 426.281px; top: 40.5098px; width: 44.2266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shares of</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 531.375px; top: 40.5098px; width: 27.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">value,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 605.5px; top: 40.5098px; width: 44.2266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shares of</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 711.5px; top: 40.5098px; width: 27.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">value,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 252.422px; top: 54.0098px; width: 37.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK 20</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 332.125px; top: 54.0098px; width: 47.5898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK \u2019000</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 433.375px; top: 54.0098px; width: 37.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK 20</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 511.156px; top: 54.0098px; width: 47.5898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK \u2019000</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 612.953px; top: 54.0098px; width: 37.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK 20</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 54.0098px; width: 47.5898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK \u2019000</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 71.002px; width: 739.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1 January 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,699,252</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">673,985</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">103,657,554</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,073,151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.416px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">137,356,806</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,747,136</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 87.877px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cancellation of treasury shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,100,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-62,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,100,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-62,000</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 104.635px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.059px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,699,252</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">673,985</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5196px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100,557,554</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,011,151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.0156px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">134,256,806</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,685,136</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 121.627px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cancellation of treasury shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,600,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,600,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32,000</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 138.385px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.059px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,699,252</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">673,985</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.416px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">98,957,554</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,979,151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132,656,806</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,653,136</span></span></span><span style=\"display:inherit;clear:left;\">A shares carry 20 votes per DKK 20 share. B shares carry two votes per DKK 20 share. A preferent<span class=\"_ _7\"></span>ial right to an 8% non-cumulative dividend is attached to B shares. Apart from votes and </span><span style=\"display:inherit;clear:left;\">dividends, all shares rank equally.</span><span style=\"display:inherit;clear:left;\">Carlsberg A/S\u2019 share capital is divided into two classes (A shares and B shares). Combined with the Carlsberg Foundation\u2019s position </span><span style=\"display:inherit;clear:left;\">as majority shareholder (in terms of control), management considers that this structure will remain advantageous for all of the </span><span style=\"display:inherit;clear:left;\">shareholders, enabling and supporting the Group\u2019s long-term development. </span><span style=\"display:inherit;clear:left;\">At the Annual General Meeting on 17\ue7feMarch 2025, it was decided to reduce the share capital of Carlsberg A/S by a nominal amount </span><span style=\"display:inherit;clear:left;\">of DKK 32,000,000 to a nominal amount of DKK 2,653,136,120 by cancelling 1,600,000 of the B shares held by the Company, each </span><span style=\"display:inherit;clear:left;\">with a nominal value of DKK 20. The cancellation was completed on 26\ue7feMay 2025. These shares had been repurchased as part of </span><span style=\"display:inherit;clear:left;\">the Company\u2019s share buy-back programmes.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__130-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.2</span><span style=\"display:inherit;clear:left;\">Equity</span><span style=\"display:inherit;clear:left;\">EQUITY (DKKbn) </span><span style=\"display:inherit;clear:left;\">7.0</span><span style=\"display:inherit;clear:left;\">0.7</span><span style=\"display:inherit;clear:left;\">0.1</span><span style=\"display:inherit;clear:left;\">30.6</span><span style=\"display:inherit;clear:left;\">30.7</span><span style=\"display:inherit;clear:left;\">-3.3</span><span style=\"display:inherit;clear:left;\">-4.4</span><span style=\"display:inherit;clear:left;\">Equity</span><span style=\"display:inherit;clear:left;\">Profit for the period<span class=\"_ _e1\"> </span>Foreign exchange </span><span style=\"display:inherit;clear:left;\">Other<span class=\"_ _103\"> </span>Non-controlling</span><span style=\"display:inherit;clear:left;\">Dividends paid<span class=\"_ _2c\"> </span>Equity<span class=\"_ _7\"></span> at</span><span style=\"display:inherit;clear:left;\">at 1 January</span><span style=\"display:inherit;clear:left;\">adjustments</span><span style=\"display:inherit;clear:left;\">interests</span><span style=\"display:inherit;clear:left;\">31 December</span><span style=\"display:inherit;clear:left;\">4.2.1 Transactions with shareholders </span><span style=\"display:inherit;clear:left;\">Share capital</span><span style=\"display:inherit;clear:left;position:relative;height:150.75px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 260.109px; top: 0.0097656px; width: 438.141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Class A shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.603px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Class B shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total share capital</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 339.844px; top: 27.0098px; width: 39.8496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Nominal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 520.109px; top: 27.0098px; width: 39.8496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Nominal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.219px; top: 27.0098px; width: 39.8496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Nominal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 245.5px; top: 40.5098px; width: 44.2266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shares of</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 352.875px; top: 40.5098px; width: 27.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">value,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 426.281px; top: 40.5098px; width: 44.2266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shares of</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 531.375px; top: 40.5098px; width: 27.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">value,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 605.5px; top: 40.5098px; width: 44.2266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shares of</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 711.5px; top: 40.5098px; width: 27.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">value,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 252.422px; top: 54.0098px; width: 37.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK 20</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 332.125px; top: 54.0098px; width: 47.5898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK \u2019000</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 433.375px; top: 54.0098px; width: 37.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK 20</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 511.156px; top: 54.0098px; width: 47.5898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK \u2019000</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 612.953px; top: 54.0098px; width: 37.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK 20</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 54.0098px; width: 47.5898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK \u2019000</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 71.002px; width: 739.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1 January 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,699,252</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">673,985</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 37.5409px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">103,657,554</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.7188px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,073,151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.416px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">137,356,806</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,747,136</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 87.877px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cancellation of treasury shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,100,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-62,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,100,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-62,000</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 104.635px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.059px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,699,252</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">673,985</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5196px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100,557,554</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,011,151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.0156px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">134,256,806</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,685,136</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 121.627px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cancellation of treasury shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,600,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,600,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32,000</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 138.385px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 150.059px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,699,252</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">673,985</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.416px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">98,957,554</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,979,151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132,656,806</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,653,136</span></span></span><span style=\"display:inherit;clear:left;\">A shares carry 20 votes per DKK 20 share. B shares carry two votes per DKK 20 share. A preferent<span class=\"_ _7\"></span>ial right to an 8% non-cumulative dividend is attached to B shares. Apart from votes and </span><span style=\"display:inherit;clear:left;\">dividends, all shares rank equally.</span><span style=\"display:inherit;clear:left;\">Carlsberg A/S\u2019 share capital is divided into two classes (A shares and B shares). Combined with the Carlsberg Foundation\u2019s position </span><span style=\"display:inherit;clear:left;\">as majority shareholder (in terms of control), management considers that this structure will remain advantageous for all of the </span><span style=\"display:inherit;clear:left;\">shareholders, enabling and supporting the Group\u2019s long-term development. </span><span style=\"display:inherit;clear:left;\">At the Annual General Meeting on 17\ue7feMarch 2025, it was decided to reduce the share capital of Carlsberg A/S by a nominal amount </span><span style=\"display:inherit;clear:left;\">of DKK 32,000,000 to a nominal amount of DKK 2,653,136,120 by cancelling 1,600,000 of the B shares held by the Company, each </span><span style=\"display:inherit;clear:left;\">with a nominal value of DKK 20. The cancellation was completed on 26\ue7feMay 2025. These shares had been repurchased as part of </span><span style=\"display:inherit;clear:left;\">the Company\u2019s share buy-back programmes.</span><span style=\"display:inherit;clear:left;\">Share buy-back and treasury shares</span><span style=\"display:inherit;clear:left;\">On 8 July 2024, the Group terminated its share buy-back programme following the announcement of the Group\u2019s recommended </span><span style=\"display:inherit;clear:left;\">offer to acquire Britvic plc, and so the Group did not execute any share buy-backs in 2025. </span><span style=\"display:inherit;clear:left;\">According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the period until 13 March 2027, allow </span><span style=\"display:inherit;clear:left;\">the Company to acquire treasury shares up to a total holding of 10% of the nominal share capital at a price quoted on Nasdaq </span><span style=\"display:inherit;clear:left;\">Copenhagen at the time of acquisition with a deviation of up to 10%. The permitted holding of treasury shares covers those acquired </span><span style=\"display:inherit;clear:left;\">in share buy-back programmes. The Company holds no class A shares.</span><span style=\"display:inherit;clear:left;\">4.2.2 Other comprehensive income</span><span style=\"display:inherit;clear:left;\">Other comprehensive income has mainly been impacted by foreign exchange adjustments of DKK<span class=\"_ _7\"></span> 3.3bn from translation of Group </span><span style=\"display:inherit;clear:left;\">entities with a functional currency other than DKK.</span><span style=\"display:inherit;clear:left;\">Other comprehensive income as recognised in the statement of changes in equity</span><span style=\"display:inherit;clear:left;position:relative;height:336.484375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 625.688px; top: 6.86914px; width: 23.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 248.578px; top: 20.3691px; width: 41.5957px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 20.3691px; width: 39.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.656px; top: 20.3691px; width: 41.8008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retained</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 599.5px; top: 20.3691px; width: 50.1621px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">controlling</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 654.641px; top: 20.3691px; width: 85.8281px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other comprehen-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 238.906px; top: 33.8691px; width: 50.7363px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">translation</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 33.8691px; width: 38.8418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">reserves</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 429.922px; top: 33.8691px; width: 129.615px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">earnings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 608.812px; top: 33.8691px; width: 40.2305px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">interests</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 685.875px; top: 33.8691px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">sive income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.6582px; width: 191.18px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments of foreign </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 260px; top: 50.6582px; width: 478.957px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-2,966</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,966</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-284</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,250</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.1582px; width: 32.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">entities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.0332px; width: 189.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement of equity at 1 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 280.609px; top: 81.0332px; width: 459.234px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">16</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 94.5332px; width: 37.3535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 111.408px; width: 739.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Value adjustments of hedging instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">147</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">279</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">291</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 128.283px; width: 739.758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit obligations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.262px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">234</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 145.158px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Income tax</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 223.324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-48</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-75</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-77</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 161.916px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 233.795px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,847</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">149</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">189</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,509</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-267</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,776</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 195.869px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 212.658px; width: 191.18px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments of foreign </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 274.188px; top: 212.658px; width: 465.346px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">816</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">816</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">874</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.158px; width: 32.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">entities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.033px; width: 189.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hyperinflation restatement of equity at 1 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 268.375px; top: 243.033px; width: 470.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1,481</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,481</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">947</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,428</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 256.533px; width: 37.3535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">January</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 273.408px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Value adjustments of hedging instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-312</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">310</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 290.283px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit obligations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.262px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-79</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-79</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-96</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 307.158px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Income tax</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 227.918px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 324.119px; width: 739.758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 237.498px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,042</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">281</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,260</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">991</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,251</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__137-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Share buy-back and treasury shares</span><span style=\"display:inherit;clear:left;\">On 8 July 2024, the Group terminated its share buy-back programme following the announcement of the Group\u2019s recommended </span><span style=\"display:inherit;clear:left;\">offer to acquire Britvic plc, and so the Group did not execute any share buy-backs in 2025. </span><span style=\"display:inherit;clear:left;\">According to the authorisation of the Annual General Meeting, the Supervisory Board may, in the period until 13 March 2027, allow </span><span style=\"display:inherit;clear:left;\">the Company to acquire treasury shares up to a total holding of 10% of the nominal share capital at a price quoted on Nasdaq </span><span style=\"display:inherit;clear:left;\">Copenhagen at the time of acquisition with a deviation of up to 10%. The permitted holding of treasury shares covers those acquired </span><span style=\"display:inherit;clear:left;\">in share buy-back programmes. The Company holds no class A shares.</span><span style=\"display:inherit;clear:left;\">Treasury shares</span><span style=\"display:inherit;clear:left;position:relative;height:177.75px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.75px; top: 0.0097656px; width: 51.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 515.469px; top: 0.0097656px; width: 44.2266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shares of</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 608.812px; top: 0.0097656px; width: 39.8496px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Nominal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 673.797px; top: 0.0097656px; width: 68.8184px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Percentage of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 439.078px; top: 13.5098px; width: 30.5156px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKKm</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 522.656px; top: 13.5098px; width: 37.2656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK 20</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 587.812px; top: 13.5098px; width: 61.2715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">value, DKKm</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 13.5098px; width: 60.2285px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">share capital</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 742.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1 January 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 375.585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,746</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,242,490</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">64.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2.4 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.4465px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 742.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of treasury shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 380.966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,123,980</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1.6 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 742.119px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cancellation of treasury shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.984px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,100,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-62.0</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-2.3 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 742.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Used to settle share-based payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 354.855px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-88,251</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1.7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-0.1 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.4465px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 97.8848px; width: 742.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 358.037px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,503</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,178,219</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1.6 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.877px; width: 742.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of treasury shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 399.803px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,457</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">0.1 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.4465px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.752px; width: 742.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cancellation of treasury shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,600,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32.0</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-1.2 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.4465px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 148.627px; width: 742.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Used to settle share-based payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 351.92px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-98,944</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2.0</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-0.1 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.4465px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 165.385px; width: 742.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.732px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">405</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">484,732</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9.7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">0.4 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span></span><span style=\"display:inherit;clear:left;\">Treasury shares </span><span style=\"display:inherit;clear:left;\">Cost of acquisition, consideration received and treasury share dividends received are recognised directly in equity as retained </span><span style=\"display:inherit;clear:left;\">earnings. Capital reductions from the cancellation of treasury shares are deducted from the share capital at an amount </span><span style=\"display:inherit;clear:left;\">corresponding to the nominal value of the shares and added to retained earnings. Proceeds from the sale of treasury shares in </span><span style=\"display:inherit;clear:left;\">connection with the settlement of share-based payments are recognised directly in equity.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__133": {
   "value": "29.0",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
    "unit": "iso4217:DKK/xbrli:shares"
   }
  },
  "f1__s9__8__134": {
   "value": "27.0",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
    "unit": "iso4217:DKK/xbrli:shares"
   }
  },
  "f1__s9__7__135": {
   "value": "3847000000.0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
    "unit": "iso4217:DKK"
   }
  },
  "f1__s9__8__136": {
   "value": "3625000000.0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
    "unit": "iso4217:DKK"
   }
  },
  "f1__s9__7__142-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Dividends to non-controlling interests of DKK 55m were declared and reported as payable at 31 December 2024 and paid out in </span><span style=\"display:inherit;clear:left;\">2025. At 31 December 2025, dividends to non-controlling interests of DKK 59m were payable.</span><span style=\"display:inherit;clear:left;\">Non-controlling interests</span><span style=\"display:inherit;clear:left;\">Transactions with non-controlling interests</span><span style=\"display:inherit;clear:left;position:relative;height:82.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 745.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Dividends paid to non-controlling interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 328.084px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-817 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,364 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consideration received for disposal of non-controlling interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 234.961px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">138 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 745.084px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consideration paid for acquisition of non-controlling interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-185 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,099 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.8691px; width: 745.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 497.04px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-864 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6,463 </span></span></span><span style=\"display:inherit;clear:left;\">The consideration paid for non-controlling interests in 2025 was deferred consideration for shares in Carlsberg South Asia acquired in </span><span style=\"display:inherit;clear:left;\">2024, and the disposal of non-controlling interests related to the 6% decrease in ownership of Gorkha Brewery, Nepal. In 2024, the </span><span style=\"display:inherit;clear:left;\">consideration paid for non-controlling interests also related to 40% of the shares in Carlsberg Marston\u2019s Brewing Company, cf. </span><span style=\"display:inherit;clear:left;\">section 5.2.</span><span style=\"display:inherit;clear:left;\">Non-controlling interests</span><span style=\"display:inherit;clear:left;position:relative;height:126.484375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 650.461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 511.237px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Changes in equity</span></span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 487.188px; top: 19.6191px; width: 75.498px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shareholders in </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 575.656px; top: 19.6191px; width: 77.0332px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-controlling </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 35.3809px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 493.953px; top: 33.1191px; width: 65.7949px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg A/S</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 609.5px; top: 33.1191px; width: 129.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5196px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total equity</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.1113px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Changes in ownership </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.041px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">41</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">137</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.9863px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transaction costs related to changes in ownership</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 322.822px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.8613px; width: 438.053px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustments of contingent consideration and other transactions with non-controlling </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 97.3613px; width: 739.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 510.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.119px; width: 739.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Recognised in equity</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 451.357px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:126.484375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 649.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 510.551px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Changes in equity</span></span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 487.188px; top: 19.6191px; width: 75.498px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shareholders in </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 575.656px; top: 19.6191px; width: 77.0332px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-controlling </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 35.3809px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 493.953px; top: 33.1191px; width: 65.7949px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg A/S</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 609.5px; top: 33.1191px; width: 129.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 32.5196px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total equity</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.1113px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Changes in ownership</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 434.269px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,160</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-436</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,596</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.9863px; width: 739.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Transaction costs related to changes in ownership</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 314.777px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-24</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-24</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.8613px; width: 438.053px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustments of contingent consideration and other transactions with non-controlling </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 97.3613px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 502.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-194</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-194</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.119px; width: 739.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Recognised in equity</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 435.071px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,378</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-436</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,814</span></span></span><span style=\"display:inherit;clear:left;\">The Group\u2019s non-controlling interests consist of Lao Brewery, Carlsberg Chongqing Breweries Group, Carlsberg Malaysia Group and </span><span style=\"display:inherit;clear:left;\">other non-controlling interests, primarily in the Asia region. Non-controlling interests are not individually material to the Group\u2019s </span><span style=\"display:inherit;clear:left;\">total\ue7feprofit.</span><span style=\"display:inherit;clear:left;\">2025</span><span style=\"display:inherit;clear:left;\">On 29 July 2025, the Group disposed of a 6% stake in Gorkha Brewery, Nepal, for a consideration of DKK 138m. The transaction </span><span style=\"display:inherit;clear:left;\">resulted in recognition of non-controlling interests of DKK 96m and the Group\u2019s ownership of its activities in Nepal was reduced </span><span style=\"display:inherit;clear:left;\">to\ue7fe93.94%.</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">The Group acquired 40% of Carlsberg Marston\u2019s Brewing Company for a purchase price of DKK 1,832m (GBP 206m), obtaining 100% </span><span style=\"display:inherit;clear:left;\">ownership of the company. The acquisition resulted in an adjustment of equity of DKK -1,477m and derecognition of non-controlling </span><span style=\"display:inherit;clear:left;\">interests of DKK 345m.</span><span style=\"display:inherit;clear:left;\">The Group completed its acquisition of the remaining 33% of Carlsberg South Asia Pte Ltd (CSAPL) for a purchase price of DKK </span><span style=\"display:inherit;clear:left;\">4,991m (USD 706m), obtaining 100% ownership of the company. The derecognition of the previous put liability to purchase the </span><span style=\"display:inherit;clear:left;\">shareholding was recognised directly in equity and amounted to DKK 5,263m, resulting in a net impact on equity from the </span><span style=\"display:inherit;clear:left;\">transaction of DKK 272m.</span><span style=\"display:inherit;clear:left;\">The Group received the remaining 10% shareholding in Carlsberg Kazakhstan from Baltika Breweries as part of the agreement to </span><span style=\"display:inherit;clear:left;\">dispose of the Russian business. The transfer resulted in an adjustment to equity of DKK 45m and derecognition of non-controlling </span><span style=\"display:inherit;clear:left;\">interests of DKK 91m.</span><span style=\"display:inherit;clear:left;\">On acquisition of non-controlling interests, i.e. subsequent to the Group obtaining control, acquired net assets are not measured at </span><span style=\"display:inherit;clear:left;\">fair value. The difference between the cost and the non-controlling interests\u2019 share of the total carrying amount is transferred from </span><span style=\"display:inherit;clear:left;\">the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot </span><span style=\"display:inherit;clear:left;\">exceed the non-controlling interests\u2019 share of equity immediately before the transaction. </span><span style=\"display:inherit;clear:left;\">On disposal of shareholdings to non-controlling interests, the difference between the sales price and the share of the total carrying </span><span style=\"display:inherit;clear:left;\">amount, including goodwill acquired by the non-controlling interests, is transferred from equity attributable to shareholders in </span><span style=\"display:inherit;clear:left;\">Carlsberg A/S to the non-controlling interests.</span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. </span><span style=\"display:inherit;clear:left;\">Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for </span><span style=\"display:inherit;clear:left;\">the Group\u2019s share of the profit or loss and other comprehensive income of the associate after the date of acquisition. The share of </span><span style=\"display:inherit;clear:left;\">the result must be calculated in accordance with the Group\u2019s accounting policies. The proportionate share of unrealised intra-group </span><span style=\"display:inherit;clear:left;\">profits and losses is eliminated. Investments in associates with negative net asset values are measured at DKK 0.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">If the Group has a legal or constructive obligation to cover a deficit in the associate, the deficit is recognised under provisions. Any </span><span style=\"display:inherit;clear:left;\">amounts owed by associates are written down to the extent that the amount owed is deemed irrecoverable. </span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__138": {
   "value": "<span style=\"display:inherit;clear:left;\">Treasury shares </span><span style=\"display:inherit;clear:left;\">Cost of acquisition, consideration received and treasury share dividends received are recognised directly in equity as retained </span><span style=\"display:inherit;clear:left;\">earnings. Capital reductions from the cancellation of treasury shares are deducted from the share capital at an amount </span><span style=\"display:inherit;clear:left;\">corresponding to the nominal value of the shares and added to retained earnings. Proceeds from the sale of treasury shares in </span><span style=\"display:inherit;clear:left;\">connection with the settlement of share-based payments are recognised directly in equity.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__139": {
   "value": "<span style=\"display:inherit;clear:left;\">Proposed dividends </span><span style=\"display:inherit;clear:left;\">The proposed dividend is recognised as a liability at the date when it is adopted at the Annual General Meeting (declaration date).</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__145-1": {
   "value": "<span style=\"display:inherit;clear:left;\">4.2.2 Other comprehensive income</span><span style=\"display:inherit;clear:left;\">Other comprehensive income has mainly been impacted by foreign exchange adjustments of DKK<span class=\"_ _7\"></span> 3.3bn from translation of Group </span><span style=\"display:inherit;clear:left;\">entities with a functional currency other than DKK.</span><span style=\"display:inherit;clear:left;\">Section 4.4</span><span style=\"display:inherit;clear:left;\">Financial income and expenses</span><span style=\"display:inherit;clear:left;\">Financial items recognised in the income statement</span><span style=\"display:inherit;clear:left;position:relative;height:385.7265625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.4043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial income</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 540.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">335</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">408</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">189</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 484.793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest on plan assets, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairments of financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Monetary gain on hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 409.987px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 589.507px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">95</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 580.489px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">959</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 87.8965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial expenses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.58px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,319</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,060</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised financial expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 238.736px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 272.486px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses on obligations, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 359.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-518</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-335</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 289.361px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses, lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 306.236px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank fees</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 563.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-179</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-178</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 323.111px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.001px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 339.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,864</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 356.744px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items, net, recognised in the income statement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,380</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-905</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 373.736px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items excluding foreign exchange, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.606px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,064</span></span></span><span style=\"display:inherit;clear:left;\">Interest income primarily relates to interest on cash and cash equivalents, and interest expenses primarily relate to issued bonds </span><span style=\"display:inherit;clear:left;\">measured at amortised cost.</span><span style=\"display:inherit;clear:left;\">The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK 158m </span><span style=\"display:inherit;clear:left;\">(2024: losses of DKK 80m), and includes DKK 4m regarding ineffective portions of hedges designated as cash flow hedges (2024: </span><span style=\"display:inherit;clear:left;\">DKK\ue7fe-2m).</span><span style=\"display:inherit;clear:left;\">Foreign exchange losses amounted to DKK 357m (2024: gains of DKK 189m) and the monetary gain from hyperinflation to DKK <span class=\"_ _7\"></span>12m </span><span style=\"display:inherit;clear:left;\">(2024: DKK 50m), cf. section 8.1. In total, foreign exchange and fair value adjustment gains and losses and the monetary gain from </span><span style=\"display:inherit;clear:left;\">hyperinflation amounted to DKK -187m (2024: DKK 159m).</span><span style=\"display:inherit;clear:left;\">Section 4.9</span><span style=\"display:inherit;clear:left;\">Foreign exchange and commodity risk</span><span style=\"display:inherit;clear:left;\">4.9.1 Net revenue</span><span style=\"display:inherit;clear:left;\">Developments in exchange rates between DKK and the local functional currencies had a <span class=\"_ _7\"></span>negative impact of 2.0% on revenue and </span><span style=\"display:inherit;clear:left;\">2.7% on operating profit measured in DKK.</span><span style=\"display:inherit;clear:left;\">REVENUE BY CURRENCY (%)</span><span style=\"display:inherit;clear:left;position:relative;height:183.2265625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 408.297px; top: 0.0097656px; width: 136.904px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 22.2422px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 19.3613px; width: 532.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 378px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">11% </span></span><span class=\"pp-font-color-override-6\" style=\"position: absolute; display: inline-block; left: 0px; top: 39.1172px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 36.2363px; width: 532.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 377.228px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">19% </span></span><span class=\"pp-font-color-override-7\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.9922px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 53.1113px; width: 532.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 378.382px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">14% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">17% </span></span><span class=\"pp-font-color-override-8\" style=\"position: absolute; display: inline-block; left: 0px; top: 72.8672px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 69.9863px; width: 532.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 380.303px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9% </span></span><span class=\"pp-font-color-override-4\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.7422px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 86.8613px; width: 532.729px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 379.418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">6% </span></span><span class=\"pp-font-color-override-9\" style=\"position: absolute; display: inline-block; left: 0px; top: 106.617px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 103.736px; width: 532.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 382.08px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">6% </span></span><span class=\"pp-font-color-override-10\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.492px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 120.611px; width: 532.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span></span><span class=\"pp-font-color-override-11\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.367px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 137.486px; width: 532.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">PLN</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 381.461px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span></span><span class=\"pp-font-color-override-12\" style=\"position: absolute; display: inline-block; left: 0px; top: 157.242px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 154.361px; width: 532.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">LAK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4% </span></span><span class=\"pp-font-color-override-3\" style=\"position: absolute; display: inline-block; left: 0px; top: 174.117px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 171.236px; width: 532.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 372.387px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">18% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">20% </span></span></span><span style=\"display:inherit;clear:left;\">EUR and DKK are in a fixed exchange rate relationship and, consequently, EUR is not hedged.</span><span style=\"display:inherit;clear:left;position:relative;height:160.6171875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 636.25px; top: 0.0097656px; width: 105.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in average FX </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 13.5098px; width: 627.188px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Entities in</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 489.094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Functional currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 653.078px; top: 13.5098px; width: 86.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate 2024 to 2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 742.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">The eurozone</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 543.638px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">0.1 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 742.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 581.051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-3.1 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 742.758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 568.024px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-0.7 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 742.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-1.3 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 98.002px; width: 742.137px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 553.646px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1.8 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.877px; width: 742.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 571.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.6 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.752px; width: 742.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Laos</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.001px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">LAK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-4.1 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 148.627px; width: 742.066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ukraine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 569.126px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UAH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-7.5 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span></span><span style=\"display:inherit;clear:left;\">4.9.2 Operating profit</span><span style=\"display:inherit;clear:left;\">Transaction risk</span><span style=\"display:inherit;clear:left;\">The Group is exposed to transaction risks on purchases and sales in currencies other than the local functional currencies. The Group </span><span style=\"display:inherit;clear:left;\">aims to hedge 70-90% of future cash flows in currencies other than the local functional currency on a four-quarter rolling basis.</span><span style=\"display:inherit;clear:left;\">Western Europe</span><span style=\"display:inherit;clear:left;\">For the entities in Western Europe, a major part of the purchases in foreign currencies is in EUR. This also applies to markets with a </span><span style=\"display:inherit;clear:left;\">functional currency other than EUR.</span><span style=\"display:inherit;clear:left;\">Hedging of EUR against the non-EUR local currencies will effectively eliminate a significant part of the currency risk in the entities\u2019 </span><span style=\"display:inherit;clear:left;\">operating profit in local currency. At Group level, these hedges are effectively a hedge of (parts of) the revenue in the relevant </span><span style=\"display:inherit;clear:left;\">currency and are accounted for as cash flow hedges, cf. section 4.4. The hedged amounts and the sensitivity analysis regarding these </span><span style=\"display:inherit;clear:left;\">hedges are shown in section 4.9.5.</span><span style=\"display:inherit;clear:left;\">Asia</span><span style=\"display:inherit;clear:left;\">The transaction risk is considered to be less significant due to lower purchases of raw and packaging materials in currencies other </span><span style=\"display:inherit;clear:left;\">than the local functional currencies as well as the high correlation between USD and most of the Asian currencies. An exception is </span><span style=\"display:inherit;clear:left;\">Laos, which has a significant spend in USD that is not possible to hedge.</span><span style=\"display:inherit;clear:left;\">Central &amp; Eastern Europe and India</span><span style=\"display:inherit;clear:left;\">The largest foreign exchange risk relates to Ukraine and Kazakhstan and their purchasing of raw and packaging materials in foreign </span><span style=\"display:inherit;clear:left;\">currency. For 2025 and 2026, the Group has chosen to hedge a portion of Ukraine\u2019s expenses in EUR and USD by designating bank </span><span style=\"display:inherit;clear:left;\">deposits in these currencies as hedging instruments.</span><span style=\"display:inherit;clear:left;\">4.9.3 Net finance</span><span style=\"display:inherit;clear:left;\">The Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a currency other than the </span><span style=\"display:inherit;clear:left;\">functional currency of the local entities reporting these, as well as the risk that arises when net cash inflow is generated in one </span><span style=\"display:inherit;clear:left;\">currency but borrowings are denominated and have to be repaid in another currency. The main currencies impacting net finance </span><span style=\"display:inherit;clear:left;\">during 2025 were EUR and UAH. The combined net foreign exchange, fair value adjustment loss and the effect of hyperinflation in </span><span style=\"display:inherit;clear:left;\">2025 was DKK -187m (2024: DKK 159m).</span><span style=\"display:inherit;clear:left;\">Currency profile of borrowings</span><span style=\"display:inherit;clear:left;\">Before and after derivative financial instruments</span><span style=\"display:inherit;clear:left;position:relative;height:180.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 523.125px; top: 19.2441px; width: 39.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Original </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 621.953px; top: 19.2441px; width: 31.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 19.2441px; width: 27.3574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">After </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 520.109px; top: 32.7441px; width: 39.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">principal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 612.953px; top: 32.7441px; width: 37.3008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">of swap</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 32.7441px; width: 24.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">swap</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.7363px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.982px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">345</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,745</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,090</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.6113px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,058</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,357</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.4863px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.55px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,986</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8,344</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50,642</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.361px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">915</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,468</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.236px; width: 739.84px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 523.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,037</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,146</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.111px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,331</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,411</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,080</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 150.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 502.211px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.744px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span></span></span><span style=\"display:inherit;clear:left;\">4.9.4 Consolidated profit and other comprehensive in<span class=\"_ _7\"></span>come</span><span style=\"display:inherit;clear:left;\">Consolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for </span><span style=\"display:inherit;clear:left;\">accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part </span><span style=\"display:inherit;clear:left;\">of this foreign exchange exposure by having debt in foreign currency and selling foreign currencies via foreign exchange forwards and </span><span style=\"display:inherit;clear:left;\">non-deliverable forwards, designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the </span><span style=\"display:inherit;clear:left;\">cost of hedging is balanced against the risk reduction.</span><span style=\"display:inherit;clear:left;\">Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are </span><span style=\"display:inherit;clear:left;\">partly hedged. Furthermore, following the Britvic acquisition Carlsberg chose to hedge part of the net investment via a GBP 500m </span><span style=\"display:inherit;clear:left;\">EMTN bond, cf. section 4.8, and GBP 250m of ordinary FX forwards. Only the latter is reflected in the average hedged rate in the </span><span style=\"display:inherit;clear:left;\">table.  </span><span style=\"display:inherit;clear:left;\">All the forward exchange contracts mature during 2026. At 31 December 2025<span class=\"_ _7\"></span>, all adjustments of financial instruments have been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income.</span><span style=\"display:inherit;clear:left;\">The fa<span class=\"_ _7\"></span>ir value<span class=\"_ _7\"></span> of deri<span class=\"_ _7\"></span>vatives u<span class=\"_ _7\"></span>sed as n<span class=\"_ _7\"></span>et inves<span class=\"_ _7\"></span>tment he<span class=\"_ _7\"></span>dges rec<span class=\"_ _7\"></span>ognised a<span class=\"_ _7\"></span>t 31 Dec<span class=\"_ _7\"></span>ember <span class=\"_ _0\"></span>2025 am<span class=\"_ _7\"></span>ounted <span class=\"_ _7\"></span>to DKK <span class=\"_ _7\"></span>18m (2024:<span class=\"_ _7\"></span> DKK -59<span class=\"_ _7\"></span>m).</span><span style=\"display:inherit;clear:left;\">The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer </span><span style=\"display:inherit;clear:left;\">applies amounted to DKK -1,530m (2024: DKK -1,928m) on a pre-tax basis. </span><span style=\"display:inherit;clear:left;position:relative;height:287.29296875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 145.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net investment hedges</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 29.5723px; width: 709.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 48.8066px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 62.3066px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 62.3066px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 62.3066px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 75.8066px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 75.8066px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.3066px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 89.3066px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 89.3066px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 106.299px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 239.643px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,486</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">313</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,9183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.174px; width: 739.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-167</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,5427</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.049px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.924px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-370</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,1044</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 173.799px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6154</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 190.674px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 249.691px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-365</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,397</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6757</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 207.549px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-663</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,809</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,5473</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 224.424px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 241.299px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 258.174px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">INR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 243.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0700</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 274.932px; width: 469.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 429.675px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 636.656px; top: 274.932px; width: 101.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:238.5px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 709.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 16.8848px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 30.3848px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 30.3848px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 30.3848px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 43.8848px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 43.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.3848px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 57.3848px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 57.3848px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.377px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.539px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,707</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9650</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.252px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-164</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.4863</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.127px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,896</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-226</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.002px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.0578</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.877px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.752px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 266.678px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,895</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.627px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 264.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.502px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.135px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 425.7px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-312</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-78</span></span></span><span style=\"display:inherit;clear:left;\">4.9.5 Impact on financial statements and sensitivity a<span class=\"_ _7\"></span>nalysis</span><span style=\"display:inherit;clear:left;\">Fluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In </span><span style=\"display:inherit;clear:left;\">2025, net interest-bearing debt decreased by DKK 103m (2024: increased by DKK 65m)<span class=\"_ _7\"></span> because of changes in foreign exchange </span><span style=\"display:inherit;clear:left;\">rates and amortisation. The most significant FX impact on the income statement comes from the Group\u2019s EUR-denominated debt. </span><span style=\"display:inherit;clear:left;\">Net debt in EUR was DKK 55.7bn at the end of 2025, and EUR/DKK increased by 0.1% during the year, resulting in a loss of DKK </span><span style=\"display:inherit;clear:left;\">76m. </span><span style=\"display:inherit;clear:left;\">Exchange rate sensitivity analysis \u2013 other comprehensive income</span><span style=\"display:inherit;clear:left;\">An increase in the exchange rates would, all other things being equal, have had the hypothetical impact on other comprehensive </span><span style=\"display:inherit;clear:left;\">income (OCI) for 2025 illustrated in the table below and vice versa for a decrease in exchange rates. The calculation is based on cash </span><span style=\"display:inherit;clear:left;\">flow hedges existing as at 31 December 2025. The sensitivity to GBP for 2024 was impacted by the hedging of the Britvic Group </span><span style=\"display:inherit;clear:left;\">acquisition and consequently higher than under normal circumstances. </span><span style=\"display:inherit;clear:left;\">Exchange rate sensitivity \u2013 other comprehensive income</span><span style=\"display:inherit;clear:left;position:relative;height:194.625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 665.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 616.928px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 213.25px; top: 16.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 339.844px; top: 16.8848px; width: 43.7461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Notional </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 531.375px; top: 16.8848px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 573.25px; top: 16.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 711.5px; top: 16.8848px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.3848px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 270.797px; top: 30.3848px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 343.797px; top: 30.3848px; width: 125.596px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Change</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 528.312px; top: 30.3848px; width: 31.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 631.125px; top: 30.3848px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 707.969px; top: 30.3848px; width: 31.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-845</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-33</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6788</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-886</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">PLN/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,7056</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-726</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-36</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.6912</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 98.002px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,1538</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-449</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.877px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,5753</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.5736</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.752px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,5128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-744</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9.0272</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 148.627px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UAH/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,1718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-639</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-77</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 165.502px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 244.406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 182.26px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-235</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">924</span></span></span><span style=\"display:inherit;clear:left;\">Applied exchange rates</span><span style=\"display:inherit;clear:left;\">The average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per </span><span style=\"display:inherit;clear:left;\">currency through the year.</span><span style=\"display:inherit;clear:left;\">Applied exchange rates</span><span style=\"display:inherit;clear:left;position:relative;height:204.6015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 377.875px; top: 0.0097656px; width: 283.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Closing rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 166.342px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Average rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 356.004px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Swiss franc (CHF)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.0371</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9067</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.8216</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chinese yuan (CNY)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9084</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9786</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9256</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9549</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Euro (EUR)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 318.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4689</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4600</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4591</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Pound sterling (GBP)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.5731</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.9934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.7044</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.8184</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Indian rupee (INR)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 284.32px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0708</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0838</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0763</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0824</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Laotian kip (LAK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 280.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00030</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00033</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00031</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00032</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Norwegian krone (NOK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 261px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6316</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6298</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6370</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6412</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Polish zloty (PLN)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7672</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7489</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7588</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7338</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ukrainian hryvnia (UAH)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 259.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1499</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1705</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1711</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Swedish krona (SEK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 273.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6904</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6495</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6755</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6523</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__146": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.3</span><span style=\"display:inherit;clear:left;\">Earnings per share</span><span style=\"display:inherit;clear:left;\">The adjustment for special items after tax increased adjusted earnings per share by DKK <span class=\"_ _7\"></span>12.2.</span><span style=\"display:inherit;clear:left;\">For all share-based incentive instruments, the average market price of Carlsberg B shares, including the fair value of services to be </span><span style=\"display:inherit;clear:left;\">received in the future, exceeded the exercise price and the fair value at the grant date. As a result, diluted earnings per share included </span><span style=\"display:inherit;clear:left;\">all share-based incentive instruments that could potentially dilute earnings in the future.</span><span style=\"display:inherit;clear:left;\">Earnings per share<span class=\"_ _282\"> </span>  </span><span style=\"display:inherit;clear:left;position:relative;height:473.734375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 581.051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 741.562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Earnings per share of DKK 20 (EPS)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 352.793px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">45.1 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">68.7 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 741.264px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Continuing operations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">45.1 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51.7 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 741.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discontinued operations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 411.731px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">- </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17.0 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.8691px; width: 741.223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Diluted earnings per share of DKK 20 (EPS-D)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 305.654px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44.9 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">68.6 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 741.217px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Continuing operations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44.9 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51.6 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 741.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discontinued operations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 411.731px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">- </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17.0 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 741.316px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Earnings per share, adjusted (EPS-A)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 348.978px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57.3 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">54.9 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 741.076px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Continuing operations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57.3 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">54.9 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 741.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Earnings per share, adjusted (EPS-MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 329.42px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61.0 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">54.9 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.236px; width: 741.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Continuing operations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61.0 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">54.9 </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 198.119px; width: 123.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average number of shares</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 214.994px; width: 59.8945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1,000 shares</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 231.986px; width: 741.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average number of issued shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 370.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">133,293 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">135,104 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.861px; width: 741.334px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average number of treasury shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 360.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,128 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,478 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 265.619px; width: 741.369px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average number of shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 398.884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132,165 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132,626 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 282.611px; width: 741.281px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average dilutive effect of share-based incentives</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.357px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">375 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">296 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 299.369px; width: 741.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Diluted average number of shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.732px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132,540 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132,922 </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 326.369px; width: 160.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit attributable to shareholders</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 343.244px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 360.236px; width: 741.176px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit for the period</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 431.644px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,978 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,263 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 377.111px; width: 741.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-controlling interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 408.206px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,023 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,147 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 393.869px; width: 741.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit attributable to shareholders in Carlsberg A/S (net profit)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,955 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,116 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 410.861px; width: 741.281px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items after tax in continuing and discontinued operations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 225.457px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,624 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,836 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 427.619px; width: 739.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit attributable to shareholders in Carlsberg A/S, adjusted</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,579</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,280</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 444.611px; width: 741.428px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Amortisation of intangible assets recognised in purchase price allocations after tax</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.889px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">481 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">- </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 461.369px; width: 738.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit attributable to shareholders in Carlsberg A/S (MPM)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 244.406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,060 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,280</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__152": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.4</span><span style=\"display:inherit;clear:left;\">Financial income and expenses</span><span style=\"display:inherit;clear:left;\">Financial items recognised in the income statement</span><span style=\"display:inherit;clear:left;position:relative;height:385.7265625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.4043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial income</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 540.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">335</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">408</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">189</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 484.793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest on plan assets, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairments of financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Monetary gain on hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 409.987px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 589.507px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">95</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 580.489px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">959</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 87.8965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial expenses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.58px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,319</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,060</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised financial expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 238.736px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 272.486px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses on obligations, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 359.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-518</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-335</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 289.361px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses, lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 306.236px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank fees</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 563.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-179</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-178</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 323.111px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.001px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 339.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,864</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 356.744px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items, net, recognised in the income statement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,380</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-905</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 373.736px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items excluding foreign exchange, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.606px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,064</span></span></span><span style=\"display:inherit;clear:left;\">Interest income primarily relates to interest on cash and cash equivalents, and interest expenses primarily relate to issued bonds </span><span style=\"display:inherit;clear:left;\">measured at amortised cost.</span><span style=\"display:inherit;clear:left;\">The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK 158m </span><span style=\"display:inherit;clear:left;\">(2024: losses of DKK 80m), and includes DKK 4m regarding ineffective portions of hedges designated as cash flow hedges (2024: </span><span style=\"display:inherit;clear:left;\">DKK\ue7fe-2m).</span><span style=\"display:inherit;clear:left;\">Foreign exchange losses amounted to DKK 357m (2024: gains of DKK 189m) and the monetary gain from hyperinflation to DKK <span class=\"_ _7\"></span>12m </span><span style=\"display:inherit;clear:left;\">(2024: DKK 50m), cf. section 8.1. In total, foreign exchange and fair value adjustment gains and losses and the monetary gain from </span><span style=\"display:inherit;clear:left;\">hyperinflation amounted to DKK -187m (2024: DKK 159m).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__151": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.4</span><span style=\"display:inherit;clear:left;\">Financial income and expenses</span><span style=\"display:inherit;clear:left;\">Financial items recognised in the income statement</span><span style=\"display:inherit;clear:left;position:relative;height:385.7265625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.4043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial income</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 540.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">335</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">408</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">189</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 484.793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest on plan assets, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairments of financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Monetary gain on hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 409.987px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 589.507px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">95</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 580.489px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">959</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 87.8965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial expenses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.58px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,319</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,060</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised financial expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 238.736px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 272.486px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses on obligations, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 359.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-518</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-335</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 289.361px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses, lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 306.236px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank fees</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 563.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-179</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-178</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 323.111px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.001px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 339.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,864</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 356.744px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items, net, recognised in the income statement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,380</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-905</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 373.736px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items excluding foreign exchange, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.606px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,064</span></span></span><span style=\"display:inherit;clear:left;\">Interest income primarily relates to interest on cash and cash equivalents, and interest expenses primarily relate to issued bonds </span><span style=\"display:inherit;clear:left;\">measured at amortised cost.</span><span style=\"display:inherit;clear:left;\">The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK 158m </span><span style=\"display:inherit;clear:left;\">(2024: losses of DKK 80m), and includes DKK 4m regarding ineffective portions of hedges designated as cash flow hedges (2024: </span><span style=\"display:inherit;clear:left;\">DKK\ue7fe-2m).</span><span style=\"display:inherit;clear:left;\">Foreign exchange losses amounted to DKK 357m (2024: gains of DKK 189m) and the monetary gain from hyperinflation to DKK <span class=\"_ _7\"></span>12m </span><span style=\"display:inherit;clear:left;\">(2024: DKK 50m), cf. section 8.1. In total, foreign exchange and fair value adjustment gains and losses and the monetary gain from </span><span style=\"display:inherit;clear:left;\">hyperinflation amounted to DKK -187m (2024: DKK 159m).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__150": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.4</span><span style=\"display:inherit;clear:left;\">Financial income and expenses</span><span style=\"display:inherit;clear:left;\">Financial items recognised in the income statement</span><span style=\"display:inherit;clear:left;position:relative;height:385.7265625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.4043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial income</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 540.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">335</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">408</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">189</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 484.793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest on plan assets, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairments of financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Monetary gain on hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 409.987px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 589.507px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">95</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 580.489px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">959</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 87.8965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial expenses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.58px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,319</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,060</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised financial expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 238.736px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 272.486px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses on obligations, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 359.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-518</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-335</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 289.361px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses, lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 306.236px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank fees</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 563.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-179</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-178</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 323.111px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.001px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 339.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,864</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 356.744px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items, net, recognised in the income statement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,380</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-905</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 373.736px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items excluding foreign exchange, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.606px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,064</span></span></span><span style=\"display:inherit;clear:left;\">Interest income primarily relates to interest on cash and cash equivalents, and interest expenses primarily relate to issued bonds </span><span style=\"display:inherit;clear:left;\">measured at amortised cost.</span><span style=\"display:inherit;clear:left;\">The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK 158m </span><span style=\"display:inherit;clear:left;\">(2024: losses of DKK 80m), and includes DKK 4m regarding ineffective portions of hedges designated as cash flow hedges (2024: </span><span style=\"display:inherit;clear:left;\">DKK\ue7fe-2m).</span><span style=\"display:inherit;clear:left;\">Foreign exchange losses amounted to DKK 357m (2024: gains of DKK 189m) and the monetary gain from hyperinflation to DKK <span class=\"_ _7\"></span>12m </span><span style=\"display:inherit;clear:left;\">(2024: DKK 50m), cf. section 8.1. In total, foreign exchange and fair value adjustment gains and losses and the monetary gain from </span><span style=\"display:inherit;clear:left;\">hyperinflation amounted to DKK -187m (2024: DKK 159m).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__149": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.4</span><span style=\"display:inherit;clear:left;\">Financial income and expenses</span><span style=\"display:inherit;clear:left;\">Financial items recognised in the income statement</span><span style=\"display:inherit;clear:left;position:relative;height:385.7265625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.4043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial income</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 540.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">335</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">408</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">189</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 484.793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest on plan assets, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairments of financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Monetary gain on hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 409.987px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 589.507px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">95</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 580.489px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">959</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 87.8965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial expenses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.58px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,319</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,060</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised financial expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 238.736px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 272.486px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses on obligations, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 359.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-518</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-335</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 289.361px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses, lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 306.236px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank fees</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 563.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-179</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-178</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 323.111px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.001px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 339.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,864</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 356.744px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items, net, recognised in the income statement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,380</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-905</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 373.736px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items excluding foreign exchange, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.606px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,064</span></span></span><span style=\"display:inherit;clear:left;\">Interest income primarily relates to interest on cash and cash equivalents, and interest expenses primarily relate to issued bonds </span><span style=\"display:inherit;clear:left;\">measured at amortised cost.</span><span style=\"display:inherit;clear:left;\">The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK 158m </span><span style=\"display:inherit;clear:left;\">(2024: losses of DKK 80m), and includes DKK 4m regarding ineffective portions of hedges designated as cash flow hedges (2024: </span><span style=\"display:inherit;clear:left;\">DKK\ue7fe-2m).</span><span style=\"display:inherit;clear:left;\">Foreign exchange losses amounted to DKK 357m (2024: gains of DKK 189m) and the monetary gain from hyperinflation to DKK <span class=\"_ _7\"></span>12m </span><span style=\"display:inherit;clear:left;\">(2024: DKK 50m), cf. section 8.1. In total, foreign exchange and fair value adjustment gains and losses and the monetary gain from </span><span style=\"display:inherit;clear:left;\">hyperinflation amounted to DKK -187m (2024: DKK 159m).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__148": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.4</span><span style=\"display:inherit;clear:left;\">Financial income and expenses</span><span style=\"display:inherit;clear:left;\">Financial items recognised in the income statement</span><span style=\"display:inherit;clear:left;position:relative;height:385.7265625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.4043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial income</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 540.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">335</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">408</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">189</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 484.793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest on plan assets, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairments of financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Monetary gain on hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 409.987px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 589.507px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">95</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 580.489px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">959</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 87.8965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial expenses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.58px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,319</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,060</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised financial expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 238.736px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 272.486px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses on obligations, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 359.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-518</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-335</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 289.361px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses, lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 306.236px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank fees</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 563.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-179</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-178</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 323.111px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.001px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 339.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,864</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 356.744px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items, net, recognised in the income statement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,380</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-905</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 373.736px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items excluding foreign exchange, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.606px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,064</span></span></span><span style=\"display:inherit;clear:left;\">Interest income primarily relates to interest on cash and cash equivalents, and interest expenses primarily relate to issued bonds </span><span style=\"display:inherit;clear:left;\">measured at amortised cost.</span><span style=\"display:inherit;clear:left;\">The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK 158m </span><span style=\"display:inherit;clear:left;\">(2024: losses of DKK 80m), and includes DKK 4m regarding ineffective portions of hedges designated as cash flow hedges (2024: </span><span style=\"display:inherit;clear:left;\">DKK\ue7fe-2m).</span><span style=\"display:inherit;clear:left;\">Foreign exchange losses amounted to DKK 357m (2024: gains of DKK 189m) and the monetary gain from hyperinflation to DKK <span class=\"_ _7\"></span>12m </span><span style=\"display:inherit;clear:left;\">(2024: DKK 50m), cf. section 8.1. In total, foreign exchange and fair value adjustment gains and losses and the monetary gain from </span><span style=\"display:inherit;clear:left;\">hyperinflation amounted to DKK -187m (2024: DKK 159m).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__147": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.4</span><span style=\"display:inherit;clear:left;\">Financial income and expenses</span><span style=\"display:inherit;clear:left;\">Financial items recognised in the income statement</span><span style=\"display:inherit;clear:left;position:relative;height:385.7265625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 78.4043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial income</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 540.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">335</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">408</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">189</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment gains</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 484.793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest on plan assets, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reversal of impairments of financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.23px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Monetary gain on hyperinflation restatement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 409.987px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 589.507px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">95</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.244px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 580.489px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">959</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 87.8965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial expenses</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 204.986px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.58px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,319</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,060</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 221.861px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Capitalised financial expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 238.736px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 495.341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 255.611px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustment losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.851px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 272.486px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses on obligations, defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 359.35px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-518</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-335</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 289.361px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses, lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 460.522px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 306.236px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank fees</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 563.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-179</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-178</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 323.111px; width: 739.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 586.001px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-166</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 339.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 573.893px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,864</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 356.744px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items, net, recognised in the income statement</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.857px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,380</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-905</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 373.736px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items excluding foreign exchange, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.606px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,193</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,064</span></span></span><span style=\"display:inherit;clear:left;\">Interest income primarily relates to interest on cash and cash equivalents, and interest expenses primarily relate to issued bonds </span><span style=\"display:inherit;clear:left;\">measured at amortised cost.</span><span style=\"display:inherit;clear:left;\">The fair value adjustment of derivative financial instruments that are not designated as hedging instruments amounted to DKK 158m </span><span style=\"display:inherit;clear:left;\">(2024: losses of DKK 80m), and includes DKK 4m regarding ineffective portions of hedges designated as cash flow hedges (2024: </span><span style=\"display:inherit;clear:left;\">DKK\ue7fe-2m).</span><span style=\"display:inherit;clear:left;\">Foreign exchange losses amounted to DKK 357m (2024: gains of DKK 189m) and the monetary gain from hyperinflation to DKK <span class=\"_ _7\"></span>12m </span><span style=\"display:inherit;clear:left;\">(2024: DKK 50m), cf. section 8.1. In total, foreign exchange and fair value adjustment gains and losses and the monetary gain from </span><span style=\"display:inherit;clear:left;\">hyperinflation amounted to DKK -187m (2024: DKK 159m).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__154-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Th<span class=\"_ _0\"></span>e G<span class=\"_ _7\"></span>ro<span class=\"_ _0\"></span>up <span class=\"_ _7\"></span>en<span class=\"_ _0\"></span>ter<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>in<span class=\"_ _0\"></span>to <span class=\"_ _7\"></span>de<span class=\"_ _0\"></span>riv<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>iv<span class=\"_ _0\"></span>e f<span class=\"_ _7\"></span>in<span class=\"_ _7\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _7\"></span>l <span class=\"_ _7\"></span>in<span class=\"_ _0\"></span>str<span class=\"_ _7\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _7\"></span>s <span class=\"_ _0\"></span>to <span class=\"_ _7\"></span>he<span class=\"_ _0\"></span>dge<span class=\"_ _7\"></span> f<span class=\"_ _7\"></span>or<span class=\"_ _0\"></span>eig<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>ex<span class=\"_ _0\"></span>cha<span class=\"_ _7\"></span>ng<span class=\"_ _0\"></span>e a<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> c<span class=\"_ _0\"></span>omm<span class=\"_ _7\"></span>od<span class=\"_ _0\"></span>ity<span class=\"_ _7\"></span> r<span class=\"_ _7\"></span>is<span class=\"_ _0\"></span>k, <span class=\"_ _7\"></span>cf<span class=\"_ _0\"></span>. s<span class=\"_ _7\"></span>ec<span class=\"_ _7\"></span>ti<span class=\"_ _0\"></span>on <span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.9,<span class=\"_ _0\"></span> an<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>se<span class=\"_ _0\"></span>eks<span class=\"_ _7\"></span> t<span class=\"_ _0\"></span>o a<span class=\"_ _7\"></span>pp<span class=\"_ _7\"></span>ly<span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">he<span class=\"_ _0\"></span>dge<span class=\"_ _7\"></span> a<span class=\"_ _7\"></span>cc<span class=\"_ _0\"></span>oun<span class=\"_ _7\"></span>ti<span class=\"_ _0\"></span>ng <span class=\"_ _7\"></span>wh<span class=\"_ _0\"></span>en <span class=\"_ _7\"></span>th<span class=\"_ _0\"></span>is <span class=\"_ _7\"></span>is<span class=\"_ _7\"></span> p<span class=\"_ _7\"></span>os<span class=\"_ _0\"></span>sib<span class=\"_ _7\"></span>le<span class=\"_ _7\"></span>. <span class=\"_ _0\"></span>Hed<span class=\"_ _7\"></span>gi<span class=\"_ _7\"></span>ng<span class=\"_ _7\"></span> o<span class=\"_ _0\"></span>f f<span class=\"_ _7\"></span>ut<span class=\"_ _0\"></span>ure<span class=\"_ _7\"></span>, <span class=\"_ _0\"></span>hig<span class=\"_ _7\"></span>hl<span class=\"_ _0\"></span>y p<span class=\"_ _7\"></span>ro<span class=\"_ _7\"></span>ba<span class=\"_ _0\"></span>ble<span class=\"_ _7\"></span> f<span class=\"_ _0\"></span>ore<span class=\"_ _7\"></span>ca<span class=\"_ _7\"></span>st<span class=\"_ _0\"></span> tr<span class=\"_ _7\"></span>an<span class=\"_ _0\"></span>sac<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>on<span class=\"_ _0\"></span>s i<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>de<span class=\"_ _0\"></span>sig<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>te<span class=\"_ _0\"></span>d a<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>ca<span class=\"_ _7\"></span>sh<span class=\"_ _0\"></span> fl<span class=\"_ _7\"></span>ow<span class=\"_ _0\"></span> he<span class=\"_ _7\"></span>dg<span class=\"_ _7\"></span>es<span class=\"_ _0\"></span>. </span><span style=\"display:inherit;clear:left;\">Positive fair values of derivatives are recognised as other receivables and negative values as other liabilities, and are presented in </span><span style=\"display:inherit;clear:left;\">section 4.5.</span><span style=\"display:inherit;clear:left;\">The imp<span class=\"_ _7\"></span>act on oth<span class=\"_ _7\"></span>er compreh<span class=\"_ _7\"></span>ensive inc<span class=\"_ _7\"></span>ome and th<span class=\"_ _7\"></span>e fair valu<span class=\"_ _7\"></span>e of deriv<span class=\"_ _7\"></span>atives desi<span class=\"_ _7\"></span>gnated as c<span class=\"_ _7\"></span>ash flow h<span class=\"_ _7\"></span>edges, and<span class=\"_ _7\"></span> the impact<span class=\"_ _7\"></span> on the </span><span style=\"display:inherit;clear:left;\">income <span class=\"_ _7\"></span>statement <span class=\"_ _7\"></span>and the fa<span class=\"_ _7\"></span>ir value of<span class=\"_ _7\"></span> derivativ<span class=\"_ _7\"></span>es not desi<span class=\"_ _7\"></span>gnated as h<span class=\"_ _7\"></span>edging ins<span class=\"_ _7\"></span>truments, <span class=\"_ _7\"></span>are presen<span class=\"_ _7\"></span>ted in the<span class=\"_ _7\"></span> tables be<span class=\"_ _7\"></span>low. The </span><span style=\"display:inherit;clear:left;\">impact <span class=\"_ _7\"></span>on other c<span class=\"_ _7\"></span>omprehensi<span class=\"_ _7\"></span>ve income <span class=\"_ _7\"></span>and the fa<span class=\"_ _7\"></span>ir value of<span class=\"_ _7\"></span> derivative<span class=\"_ _7\"></span>s designat<span class=\"_ _7\"></span>ed as net i<span class=\"_ _7\"></span>nvestment <span class=\"_ _7\"></span>hedges are<span class=\"_ _7\"></span> presented<span class=\"_ _7\"></span> in </span><span style=\"display:inherit;clear:left;\">section<span class=\"_ _7\"></span>\ue7fe4.9.4.</span><span style=\"display:inherit;clear:left;\">Total net gain on cash flow hedges recognised in other comprehensive income was DKK 159<span class=\"_ _7\"></span>m, with gains on aluminium and interest </span><span style=\"display:inherit;clear:left;\">rate instruments and losses on exchange rate instruments and energy. The energy hedges comprise diesel, gas and virtual power </span><span style=\"display:inherit;clear:left;\">purchase agreements that secure fixed-price electricity for up to 10 years and where the underlying assets are renewable sources. </span><span style=\"display:inherit;clear:left;\">Physically settled power purchase agreements are treated as executory contracts and not derivative financial instruments. DKK -97m </span><span style=\"display:inherit;clear:left;\">relating to FX hedges of the Britvic acquisition was transferred from the cash flow hedge reserve to the investment in Britvic </span><span style=\"display:inherit;clear:left;\">(effectively goodwill) as a basis adjustment.</span><span style=\"display:inherit;clear:left;\">Financial derivatives recognised in financial items in the income statement</span><span style=\"display:inherit;clear:left;position:relative;height:175.609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 511.156px; top: 14.7441px; width: 51.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 14.7441px; width: 51.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 385.781px; top: 28.2441px; width: 84.5156px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Income statement</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 507.391px; top: 28.2441px; width: 52.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">receivables</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 607.875px; top: 28.2441px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 22.6992px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 45.2363px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exchange rate instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 332.268px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">154</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 62.1113px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ineffectiveness</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 396.353px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 428.22px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.619px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exchange rate instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.16px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-78</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">41</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-73</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ineffectiveness</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 392.603px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.244px; width: 739.699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 426.769px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">41</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-73</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span></span></span><span style=\"display:inherit;clear:left;\">Financial items recognised in other comprehensive income</span><span style=\"display:inherit;clear:left;position:relative;height:213.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 229.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments of foreign entities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign currency translation of foreign entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.762px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,250 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">918</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reclassification of cumulative translation differences of step-acquired and deconsolidated entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">- </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-44</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.8691px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 497.04px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,250 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">874</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 216.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustments of hedging instruments</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in fair value of effective portion of cash flow hedges</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 246.029px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">94 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">246</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 506.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in fair value of cash flow hedges transferred or reclassified to the income statement, intangible assets </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 150.986px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">and property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 362.484px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">68</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.861px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in fair value of net investment hedges</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.058px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-312</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 184.619px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 497.04px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">291 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.494px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items, net, recognised in other comprehensive income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,959 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">876</span></span></span><span style=\"display:inherit;clear:left;\">Of the net change in fair value of cash flow hedges transferred or reclassified to the income statement, <span class=\"_ _7\"></span>DKK 1m (2024: DKK 64m) </span><span style=\"display:inherit;clear:left;\">has been included in revenue or cycled via inventory to cost of sales, DKK -19m (2024: D<span class=\"_ _7\"></span>KK 2m) has been transferred to financial </span><span style=\"display:inherit;clear:left;\">items and DKK 97m (2024: DKK 2m) has been transferred from the cash flow hedge reserve to the investment in Britvic (effectively </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">goodwill) as a basis adjustment.</span></span> </span><span style=\"display:inherit;clear:left;\">Cash flow hedges</span><span style=\"display:inherit;clear:left;position:relative;height:310.609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 702.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 548.419px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Expected recognition</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 262.141px; top: 24.8691px; width: 26.7246px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 233.312px; top: 38.3691px; width: 56.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehen-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 331.312px; top: 38.3691px; width: 51.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.75px; top: 38.3691px; width: 51.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.219px; top: 38.3691px; width: 23.6895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2027</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 51.8691px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 51.8691px; width: 54.3398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">sive income</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 326.844px; top: 51.8691px; width: 52.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">receivables</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 427.391px; top: 51.8691px; width: 222.434px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 22.6992px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2026</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 697.281px; top: 51.8691px; width: 42.3574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">and later</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 68.8613px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exchange rate instruments                </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-294</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">95</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-48</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 85.7363px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest rate instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.27px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">144</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 102.611px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Aluminium</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 223.324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">352</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">352</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">352</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 119.486px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Energy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 242.683px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 136.361px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reclassification from OCI</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 153.119px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">159</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">455</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-83</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">372</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">373</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 262.141px; top: 186.869px; width: 26.7246px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 233.312px; top: 200.369px; width: 56.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehen-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 331.312px; top: 200.369px; width: 51.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.75px; top: 200.369px; width: 51.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 714.156px; top: 200.369px; width: 24.6973px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2026</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.869px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 213.869px; width: 54.3398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">sive income</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 326.844px; top: 213.869px; width: 52.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">receivables</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 427.391px; top: 213.869px; width: 222.123px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 22.6992px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 697.281px; top: 213.869px; width: 42.3574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">and later</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.861px; width: 739.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exchange rate instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.121px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">261</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-151</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 247.736px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest rate instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-13</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.611px; width: 739.729px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Aluminium</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 227.455px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">116</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">116</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Energy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-48</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 298.244px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 249.691px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">314</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">274</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-168</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-13</span></span></span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">When entering into financial instruments, management assesses whether the instrument is an effective hedge of expected future </span><span style=\"display:inherit;clear:left;\">cash flows or financial investments. The effectiveness of recognised hedging instruments is assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Fair values of derivative financial instruments are calculated on the basis of level 2 input consisting of current market data and </span><span style=\"display:inherit;clear:left;\">generally accepted valuation methods. Internally calculated values are used, and these are compared to external market quotes on </span><span style=\"display:inherit;clear:left;\">a quarterly basis. For currency and commodity derivatives, the calculation is as follows: </span><span style=\"display:inherit;clear:left;\">a) The forward market rate is compared to the agreed rate on the derivatives, and the difference in cash flow at the future point in </span><span style=\"display:inherit;clear:left;\">time is calculated. </span><span style=\"display:inherit;clear:left;\">b) The amount is discounted to present value. Where relevant, the discounting rate includes a credit risk adjustment. </span><span style=\"display:inherit;clear:left;\">When entering into a contract, management assesses whether the contract contains embedded derivatives and whether they meet </span><span style=\"display:inherit;clear:left;\">the criteria for separate classification and recognition. The Group currently does not have any embedded derivatives that meet the </span><span style=\"display:inherit;clear:left;\">criteria for separate classification and recognition.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at </span><span style=\"display:inherit;clear:left;\">the reporting date. </span><span style=\"display:inherit;clear:left;\">The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cash flow hedges of particular risks associated with the cash flow from forecast transactions </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Net investment hedges of currency fluctuations in subsidiaries or associates </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Derivatives not designated as hedging instruments </span><span style=\"display:inherit;clear:left;\">The fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values </span><span style=\"display:inherit;clear:left;\">are offset only when the Group has the right and the intention to settle several financial instruments net. </span><span style=\"display:inherit;clear:left;\">Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial </span><span style=\"display:inherit;clear:left;\">income or expenses in the income statement. </span><span style=\"display:inherit;clear:left;\">Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow </span><span style=\"display:inherit;clear:left;\">hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged </span><span style=\"display:inherit;clear:left;\">transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the </span><span style=\"display:inherit;clear:left;\">hedged item. For hedges of raw and packaging materials, the realised gains and losses will in principle go via a basis adjustment of </span><span style=\"display:inherit;clear:left;\">inventory, but due to the short time on inventory the impact will be recorded directly in the income statement. The effectiveness is </span><span style=\"display:inherit;clear:left;\">assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in </span><span style=\"display:inherit;clear:left;\">other comprehensive income. On completion the realised gain/loss is recognised as a basis adjustment of the carrying amount of </span><span style=\"display:inherit;clear:left;\">the investment. </span><span style=\"display:inherit;clear:left;\">Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, </span><span style=\"display:inherit;clear:left;\">average hedge rates and fair values are disclosed in section 4.9.4.</span><span style=\"display:inherit;clear:left;\">4.9.4 Consolidated profit and other comprehensive in<span class=\"_ _7\"></span>come</span><span style=\"display:inherit;clear:left;\">Consolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for </span><span style=\"display:inherit;clear:left;\">accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part </span><span style=\"display:inherit;clear:left;\">of this foreign exchange exposure by having debt in foreign currency and selling foreign currencies via foreign exchange forwards and </span><span style=\"display:inherit;clear:left;\">non-deliverable forwards, designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the </span><span style=\"display:inherit;clear:left;\">cost of hedging is balanced against the risk reduction.</span><span style=\"display:inherit;clear:left;\">Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are </span><span style=\"display:inherit;clear:left;\">partly hedged. Furthermore, following the Britvic acquisition Carlsberg chose to hedge part of the net investment via a GBP 500m </span><span style=\"display:inherit;clear:left;\">EMTN bond, cf. section 4.8, and GBP 250m of ordinary FX forwards. Only the latter is reflected in the average hedged rate in the </span><span style=\"display:inherit;clear:left;\">table.  </span><span style=\"display:inherit;clear:left;\">All the forward exchange contracts mature during 2026. At 31 December 2025<span class=\"_ _7\"></span>, all adjustments of financial instruments have been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income.</span><span style=\"display:inherit;clear:left;\">The fa<span class=\"_ _7\"></span>ir value<span class=\"_ _7\"></span> of deri<span class=\"_ _7\"></span>vatives u<span class=\"_ _7\"></span>sed as n<span class=\"_ _7\"></span>et inves<span class=\"_ _7\"></span>tment he<span class=\"_ _7\"></span>dges rec<span class=\"_ _7\"></span>ognised a<span class=\"_ _7\"></span>t 31 Dec<span class=\"_ _7\"></span>ember <span class=\"_ _0\"></span>2025 am<span class=\"_ _7\"></span>ounted <span class=\"_ _7\"></span>to DKK <span class=\"_ _7\"></span>18m (2024:<span class=\"_ _7\"></span> DKK -59<span class=\"_ _7\"></span>m).</span><span style=\"display:inherit;clear:left;\">The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer </span><span style=\"display:inherit;clear:left;\">applies amounted to DKK -1,530m (2024: DKK -1,928m) on a pre-tax basis. </span><span style=\"display:inherit;clear:left;position:relative;height:287.29296875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 145.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net investment hedges</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 29.5723px; width: 709.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 48.8066px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 62.3066px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 62.3066px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 62.3066px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 75.8066px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 75.8066px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.3066px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 89.3066px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 89.3066px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 106.299px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 239.643px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,486</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">313</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,9183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.174px; width: 739.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-167</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,5427</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.049px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.924px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-370</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,1044</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 173.799px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6154</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 190.674px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 249.691px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-365</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,397</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6757</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 207.549px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-663</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,809</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,5473</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 224.424px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 241.299px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 258.174px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">INR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 243.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0700</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 274.932px; width: 469.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 429.675px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 636.656px; top: 274.932px; width: 101.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:238.5px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 709.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 16.8848px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 30.3848px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 30.3848px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 30.3848px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 43.8848px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 43.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.3848px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 57.3848px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 57.3848px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.377px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.539px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,707</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9650</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.252px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-164</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.4863</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.127px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,896</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-226</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.002px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.0578</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.877px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.752px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 266.678px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,895</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.627px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 264.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.502px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.135px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 425.7px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-312</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-78</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__155-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Financial derivatives recognised in financial items in the income statement</span><span style=\"display:inherit;clear:left;position:relative;height:175.609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 511.156px; top: 14.7441px; width: 51.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 14.7441px; width: 51.8613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 385.781px; top: 28.2441px; width: 84.5156px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Income statement</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 507.391px; top: 28.2441px; width: 52.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">receivables</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 607.875px; top: 28.2441px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 22.6992px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -739.631px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 45.2363px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exchange rate instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 332.268px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">154</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 62.1113px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ineffectiveness</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 396.353px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 78.8691px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 428.22px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 112.619px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.611px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exchange rate instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.16px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-78</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">41</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-73</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.486px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ineffectiveness</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 392.603px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.244px; width: 739.699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 426.769px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-80</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">41</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-73</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span></span></span><span style=\"display:inherit;clear:left;\">Financial items recognised in other comprehensive income</span><span style=\"display:inherit;clear:left;position:relative;height:213.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 229.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments of foreign entities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign currency translation of foreign entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.762px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,250 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">918</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Reclassification of cumulative translation differences of step-acquired and deconsolidated entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">- </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-44</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.8691px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 497.04px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,250 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">874</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 216.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustments of hedging instruments</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in fair value of effective portion of cash flow hedges</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 246.029px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">94 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">246</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 506.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in fair value of cash flow hedges transferred or reclassified to the income statement, intangible assets </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 150.986px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">and property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 362.484px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">68</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.861px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in fair value of net investment hedges</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.058px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-312</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 184.619px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 497.04px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">291 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.494px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial items, net, recognised in other comprehensive income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,959 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">876</span></span></span><span style=\"display:inherit;clear:left;\">Of the net change in fair value of cash flow hedges transferred or reclassified to the income statement, <span class=\"_ _7\"></span>DKK 1m (2024: DKK 64m) </span><span style=\"display:inherit;clear:left;\">has been included in revenue or cycled via inventory to cost of sales, DKK -19m (2024: D<span class=\"_ _7\"></span>KK 2m) has been transferred to financial </span><span style=\"display:inherit;clear:left;\">items and DKK 97m (2024: DKK 2m) has been transferred from the cash flow hedge reserve to the investment in Britvic (effectively </span><span style=\"display:inherit;clear:left;\">goodwill) as a basis adjustment.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements<span class=\"ff8 fs5 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">When entering into financial instruments, management assesses whether the instrument is an effective hedge of expected future </span><span style=\"display:inherit;clear:left;\">cash flows or financial investments. The effectiveness of recognised hedging instruments is assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Fair values of derivative financial instruments are calculated on the basis of level 2 input consisting of current market data and </span><span style=\"display:inherit;clear:left;\">generally accepted valuation methods. Internally calculated values are used, and these are compared to external market quotes on </span><span style=\"display:inherit;clear:left;\">a quarterly basis. For currency and commodity derivatives, the calculation is as follows: </span><span style=\"display:inherit;clear:left;\">a) The forward market rate is compared to the agreed rate on the derivatives, and the difference in cash flow at the future point in </span><span style=\"display:inherit;clear:left;\">time is calculated. </span><span style=\"display:inherit;clear:left;\">b) The amount is discounted to present value. Where relevant, the discounting rate includes a credit risk adjustment. </span><span style=\"display:inherit;clear:left;\">When entering into a contract, management assesses whether the contract contains embedded derivatives and whether they meet </span><span style=\"display:inherit;clear:left;\">the criteria for separate classification and recognition. The Group currently does not have any embedded derivatives that meet the </span><span style=\"display:inherit;clear:left;\">criteria for separate classification and recognition.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at </span><span style=\"display:inherit;clear:left;\">the reporting date. </span><span style=\"display:inherit;clear:left;\">The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cash flow hedges of particular risks associated with the cash flow from forecast transactions </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Net investment hedges of currency fluctuations in subsidiaries or associates </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Derivatives not designated as hedging instruments </span><span style=\"display:inherit;clear:left;\">The fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values </span><span style=\"display:inherit;clear:left;\">are offset only when the Group has the right and the intention to settle several financial instruments net. </span><span style=\"display:inherit;clear:left;\">Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial </span><span style=\"display:inherit;clear:left;\">income or expenses in the income statement. </span><span style=\"display:inherit;clear:left;\">Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow </span><span style=\"display:inherit;clear:left;\">hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged </span><span style=\"display:inherit;clear:left;\">transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the </span><span style=\"display:inherit;clear:left;\">hedged item. For hedges of raw and packaging materials, the realised gains and losses will in principle go via a basis adjustment of </span><span style=\"display:inherit;clear:left;\">inventory, but due to the short time on inventory the impact will be recorded directly in the income statement. The effectiveness is </span><span style=\"display:inherit;clear:left;\">assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in </span><span style=\"display:inherit;clear:left;\">other comprehensive income. On completion the realised gain/loss is recognised as a basis adjustment of the carrying amount of </span><span style=\"display:inherit;clear:left;\">the investment. </span><span style=\"display:inherit;clear:left;\">Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, </span><span style=\"display:inherit;clear:left;\">average hedge rates and fair values are disclosed in section 4.9.4.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__157": {
   "value": "<span style=\"display:inherit;clear:left;\">When entering into financial instruments, management assesses whether the instrument is an effective hedge of expected future </span><span style=\"display:inherit;clear:left;\">cash flows or financial investments. The effectiveness of recognised hedging instruments is assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Fair values of derivative financial instruments are calculated on the basis of level 2 input consisting of current market data and </span><span style=\"display:inherit;clear:left;\">generally accepted valuation methods. Internally calculated values are used, and these are compared to external market quotes on </span><span style=\"display:inherit;clear:left;\">a quarterly basis. For currency and commodity derivatives, the calculation is as follows: </span><span style=\"display:inherit;clear:left;\">a) The forward market rate is compared to the agreed rate on the derivatives, and the difference in cash flow at the future point in </span><span style=\"display:inherit;clear:left;\">time is calculated. </span><span style=\"display:inherit;clear:left;\">b) The amount is discounted to present value. Where relevant, the discounting rate includes a credit risk adjustment. </span><span style=\"display:inherit;clear:left;\">When entering into a contract, management assesses whether the contract contains embedded derivatives and whether they meet </span><span style=\"display:inherit;clear:left;\">the criteria for separate classification and recognition. The Group currently does not have any embedded derivatives that meet the </span><span style=\"display:inherit;clear:left;\">criteria for separate classification and recognition.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__162": {
   "value": "<span style=\"display:inherit;clear:left;\">Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at </span><span style=\"display:inherit;clear:left;\">the reporting date. </span><span style=\"display:inherit;clear:left;\">The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cash flow hedges of particular risks associated with the cash flow from forecast transactions </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Net investment hedges of currency fluctuations in subsidiaries or associates </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Derivatives not designated as hedging instruments </span><span style=\"display:inherit;clear:left;\">The fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values </span><span style=\"display:inherit;clear:left;\">are offset only when the Group has the right and the intention to settle several financial instruments net. </span><span style=\"display:inherit;clear:left;\">Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial </span><span style=\"display:inherit;clear:left;\">income or expenses in the income statement. </span><span style=\"display:inherit;clear:left;\">Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow </span><span style=\"display:inherit;clear:left;\">hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged </span><span style=\"display:inherit;clear:left;\">transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the </span><span style=\"display:inherit;clear:left;\">hedged item. For hedges of raw and packaging materials, the realised gains and losses will in principle go via a basis adjustment of </span><span style=\"display:inherit;clear:left;\">inventory, but due to the short time on inventory the impact will be recorded directly in the income statement. The effectiveness is </span><span style=\"display:inherit;clear:left;\">assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in </span><span style=\"display:inherit;clear:left;\">other comprehensive income. On completion the realised gain/loss is recognised as a basis adjustment of the carrying amount of </span><span style=\"display:inherit;clear:left;\">the investment. </span><span style=\"display:inherit;clear:left;\">Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, </span><span style=\"display:inherit;clear:left;\">average hedge rates and fair values are disclosed in section 4.9.4.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__161": {
   "value": "<span style=\"display:inherit;clear:left;\">Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at </span><span style=\"display:inherit;clear:left;\">the reporting date. </span><span style=\"display:inherit;clear:left;\">The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cash flow hedges of particular risks associated with the cash flow from forecast transactions </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Net investment hedges of currency fluctuations in subsidiaries or associates </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Derivatives not designated as hedging instruments </span><span style=\"display:inherit;clear:left;\">The fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values </span><span style=\"display:inherit;clear:left;\">are offset only when the Group has the right and the intention to settle several financial instruments net. </span><span style=\"display:inherit;clear:left;\">Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial </span><span style=\"display:inherit;clear:left;\">income or expenses in the income statement. </span><span style=\"display:inherit;clear:left;\">Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow </span><span style=\"display:inherit;clear:left;\">hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged </span><span style=\"display:inherit;clear:left;\">transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the </span><span style=\"display:inherit;clear:left;\">hedged item. For hedges of raw and packaging materials, the realised gains and losses will in principle go via a basis adjustment of </span><span style=\"display:inherit;clear:left;\">inventory, but due to the short time on inventory the impact will be recorded directly in the income statement. The effectiveness is </span><span style=\"display:inherit;clear:left;\">assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in </span><span style=\"display:inherit;clear:left;\">other comprehensive income. On completion the realised gain/loss is recognised as a basis adjustment of the carrying amount of </span><span style=\"display:inherit;clear:left;\">the investment. </span><span style=\"display:inherit;clear:left;\">Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, </span><span style=\"display:inherit;clear:left;\">average hedge rates and fair values are disclosed in section 4.9.4.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__160": {
   "value": "<span style=\"display:inherit;clear:left;\">Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at </span><span style=\"display:inherit;clear:left;\">the reporting date. </span><span style=\"display:inherit;clear:left;\">The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cash flow hedges of particular risks associated with the cash flow from forecast transactions </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Net investment hedges of currency fluctuations in subsidiaries or associates </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Derivatives not designated as hedging instruments </span><span style=\"display:inherit;clear:left;\">The fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values </span><span style=\"display:inherit;clear:left;\">are offset only when the Group has the right and the intention to settle several financial instruments net. </span><span style=\"display:inherit;clear:left;\">Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial </span><span style=\"display:inherit;clear:left;\">income or expenses in the income statement. </span><span style=\"display:inherit;clear:left;\">Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow </span><span style=\"display:inherit;clear:left;\">hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged </span><span style=\"display:inherit;clear:left;\">transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the </span><span style=\"display:inherit;clear:left;\">hedged item. For hedges of raw and packaging materials, the realised gains and losses will in principle go via a basis adjustment of </span><span style=\"display:inherit;clear:left;\">inventory, but due to the short time on inventory the impact will be recorded directly in the income statement. The effectiveness is </span><span style=\"display:inherit;clear:left;\">assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in </span><span style=\"display:inherit;clear:left;\">other comprehensive income. On completion the realised gain/loss is recognised as a basis adjustment of the carrying amount of </span><span style=\"display:inherit;clear:left;\">the investment. </span><span style=\"display:inherit;clear:left;\">Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, </span><span style=\"display:inherit;clear:left;\">average hedge rates and fair values are disclosed in section 4.9.4.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__159": {
   "value": "<span style=\"display:inherit;clear:left;\">Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at </span><span style=\"display:inherit;clear:left;\">the reporting date. </span><span style=\"display:inherit;clear:left;\">The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cash flow hedges of particular risks associated with the cash flow from forecast transactions </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Net investment hedges of currency fluctuations in subsidiaries or associates </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Derivatives not designated as hedging instruments </span><span style=\"display:inherit;clear:left;\">The fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values </span><span style=\"display:inherit;clear:left;\">are offset only when the Group has the right and the intention to settle several financial instruments net. </span><span style=\"display:inherit;clear:left;\">Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial </span><span style=\"display:inherit;clear:left;\">income or expenses in the income statement. </span><span style=\"display:inherit;clear:left;\">Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow </span><span style=\"display:inherit;clear:left;\">hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged </span><span style=\"display:inherit;clear:left;\">transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the </span><span style=\"display:inherit;clear:left;\">hedged item. For hedges of raw and packaging materials, the realised gains and losses will in principle go via a basis adjustment of </span><span style=\"display:inherit;clear:left;\">inventory, but due to the short time on inventory the impact will be recorded directly in the income statement. The effectiveness is </span><span style=\"display:inherit;clear:left;\">assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in </span><span style=\"display:inherit;clear:left;\">other comprehensive income. On completion the realised gain/loss is recognised as a basis adjustment of the carrying amount of </span><span style=\"display:inherit;clear:left;\">the investment. </span><span style=\"display:inherit;clear:left;\">Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, </span><span style=\"display:inherit;clear:left;\">average hedge rates and fair values are disclosed in section 4.9.4.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__158": {
   "value": "<span style=\"display:inherit;clear:left;\">Derivative financial instruments are initially recognised at fair value on the trade date and subsequently remeasured at fair value at </span><span style=\"display:inherit;clear:left;\">the reporting date. </span><span style=\"display:inherit;clear:left;\">The accounting for subsequent changes in fair value depends on whether the derivative is designated as one of: </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Cash flow hedges of particular risks associated with the cash flow from forecast transactions </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Net investment hedges of currency fluctuations in subsidiaries or associates </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Derivatives not designated as hedging instruments </span><span style=\"display:inherit;clear:left;\">The fair values of derivative financial instruments are presented in other receivables or payables, and positive and negative values </span><span style=\"display:inherit;clear:left;\">are offset only when the Group has the right and the intention to settle several financial instruments net. </span><span style=\"display:inherit;clear:left;\">Changes in the fair value of derivative financial instruments not designated in a hedge relationship are recognised in financial </span><span style=\"display:inherit;clear:left;\">income or expenses in the income statement. </span><span style=\"display:inherit;clear:left;\">Changes in the effective portion of the fair value of derivative financial instruments that are designated and qualify as a cash flow </span><span style=\"display:inherit;clear:left;\">hedge of items that will impact the income statement are recognised in the hedging reserve within equity. When the hedged </span><span style=\"display:inherit;clear:left;\">transaction materialises, amounts previously recognised in other comprehensive income are transferred to the same item as the </span><span style=\"display:inherit;clear:left;\">hedged item. For hedges of raw and packaging materials, the realised gains and losses will in principle go via a basis adjustment of </span><span style=\"display:inherit;clear:left;\">inventory, but due to the short time on inventory the impact will be recorded directly in the income statement. The effectiveness is </span><span style=\"display:inherit;clear:left;\">assessed at least twice a year. </span><span style=\"display:inherit;clear:left;\">Derivatives designated as and qualifying for recognition as a cash flow hedge of financial investments are initially recognised in </span><span style=\"display:inherit;clear:left;\">other comprehensive income. On completion the realised gain/loss is recognised as a basis adjustment of the carrying amount of </span><span style=\"display:inherit;clear:left;\">the investment. </span><span style=\"display:inherit;clear:left;\">Realised and unrealised gains and losses on hedges of net investments in foreign subsidiaries and associates are recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income and only transferred to the income statement on disposal or in the case of impairments. Notional amounts, </span><span style=\"display:inherit;clear:left;\">average hedge rates and fair values are disclosed in section 4.9.4.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__163-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.5</span><span style=\"display:inherit;clear:left;\">Financial assets and liabilities</span><span style=\"display:inherit;clear:left;\">The table below sets out the value of derivative and non-derivative financial instruments and whether they are measured at fair </span><span style=\"display:inherit;clear:left;\">value or amortised cost.</span><span style=\"display:inherit;clear:left;position:relative;height:375.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.178px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Section</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 133.881px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial assets at fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 745.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivatives not designated as hedging instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 269.355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 8.19143px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">41 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 745.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivatives designated as hedging instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 269.355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4.4, 4.9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 7.66406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">520 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">293 </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 77.7441px; width: 158.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial assets at amortised cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 94.7363px; width: 745.107px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 423.416px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 7.66406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,443 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,692 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 111.611px; width: 745.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">On-trade loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 434.269px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 7.66406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">819 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">865 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 128.486px; width: 745.09px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 7.66406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,297 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,455 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 145.361px; width: 745.113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposits and securities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 417.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">- </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">59 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 162.236px; width: 745.061px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 372.387px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4.7.2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 7.66406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,585 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,542 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 178.994px; width: 745.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 422.415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21,710 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,947 </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 203.744px; width: 146.309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial liabilities at fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 220.736px; width: 745.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivatives not designated as hedging instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 269.355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 8.19143px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">73 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 237.611px; width: 745.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivatives designated as hedging instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 269.355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4.4, 4.9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 7.66406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.0509px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">130 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">246 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 254.486px; width: 745.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contingent considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 403.219px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">101 </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 279.119px; width: 273.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Borrowings and other financial liabilities at amortised cost</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 296.111px; width: 745.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current and current borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 336.129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4.7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 7.66406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 1.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 312.986px; width: 745.711px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 451.357px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26,877 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23,295 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 329.861px; width: 745.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deposit liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 444.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,702 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,728 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 346.736px; width: 745.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 453.544px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,922 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,745 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 363.494px; width: 742.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total financial liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 409.987px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">108,374 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 2.26758px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">72,328</span></span></span><span style=\"display:inherit;clear:left;\">4.9.3 Net finance</span><span style=\"display:inherit;clear:left;\">The Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a currency other than the </span><span style=\"display:inherit;clear:left;\">functional currency of the local entities reporting these, as well as the risk that arises when net cash inflow is generated in one </span><span style=\"display:inherit;clear:left;\">currency but borrowings are denominated and have to be repaid in another currency. The main currencies impacting net finance </span><span style=\"display:inherit;clear:left;\">during 2025 were EUR and UAH. The combined net foreign exchange, fair value adjustment loss and the effect of hyperinflation in </span><span style=\"display:inherit;clear:left;\">2025 was DKK -187m (2024: DKK 159m).</span><span style=\"display:inherit;clear:left;\">Currency profile of borrowings</span><span style=\"display:inherit;clear:left;\">Before and after derivative financial instruments</span><span style=\"display:inherit;clear:left;position:relative;height:180.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 523.125px; top: 19.2441px; width: 39.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Original </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 621.953px; top: 19.2441px; width: 31.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 19.2441px; width: 27.3574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">After </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 520.109px; top: 32.7441px; width: 39.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">principal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 612.953px; top: 32.7441px; width: 37.3008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">of swap</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 32.7441px; width: 24.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">swap</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.7363px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.982px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">345</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,745</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,090</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.6113px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,058</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,357</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.4863px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.55px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,986</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8,344</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50,642</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.361px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">915</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,468</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.236px; width: 739.84px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 523.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,037</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,146</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.111px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,331</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,411</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,080</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 150.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 502.211px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.744px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span></span></span><span style=\"display:inherit;clear:left;\">4.9.4 Consolidated profit and other comprehensive in<span class=\"_ _7\"></span>come</span><span style=\"display:inherit;clear:left;\">Consolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for </span><span style=\"display:inherit;clear:left;\">accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part </span><span style=\"display:inherit;clear:left;\">of this foreign exchange exposure by having debt in foreign currency and selling foreign currencies via foreign exchange forwards and </span><span style=\"display:inherit;clear:left;\">non-deliverable forwards, designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the </span><span style=\"display:inherit;clear:left;\">cost of hedging is balanced against the risk reduction.</span><span style=\"display:inherit;clear:left;\">Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are </span><span style=\"display:inherit;clear:left;\">partly hedged. Furthermore, following the Britvic acquisition Carlsberg chose to hedge part of the net investment via a GBP 500m </span><span style=\"display:inherit;clear:left;\">EMTN bond, cf. section 4.8, and GBP 250m of ordinary FX forwards. Only the latter is reflected in the average hedged rate in the </span><span style=\"display:inherit;clear:left;\">table.  </span><span style=\"display:inherit;clear:left;\">All the forward exchange contracts mature during 2026. At 31 December 2025<span class=\"_ _7\"></span>, all adjustments of financial instruments have been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income.</span><span style=\"display:inherit;clear:left;\">The fa<span class=\"_ _7\"></span>ir value<span class=\"_ _7\"></span> of deri<span class=\"_ _7\"></span>vatives u<span class=\"_ _7\"></span>sed as n<span class=\"_ _7\"></span>et inves<span class=\"_ _7\"></span>tment he<span class=\"_ _7\"></span>dges rec<span class=\"_ _7\"></span>ognised a<span class=\"_ _7\"></span>t 31 Dec<span class=\"_ _7\"></span>ember <span class=\"_ _0\"></span>2025 am<span class=\"_ _7\"></span>ounted <span class=\"_ _7\"></span>to DKK <span class=\"_ _7\"></span>18m (2024:<span class=\"_ _7\"></span> DKK -59<span class=\"_ _7\"></span>m).</span><span style=\"display:inherit;clear:left;\">The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer </span><span style=\"display:inherit;clear:left;\">applies amounted to DKK -1,530m (2024: DKK -1,928m) on a pre-tax basis. </span><span style=\"display:inherit;clear:left;position:relative;height:287.29296875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 145.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net investment hedges</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 29.5723px; width: 709.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 48.8066px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 62.3066px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 62.3066px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 62.3066px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 75.8066px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 75.8066px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.3066px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 89.3066px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 89.3066px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 106.299px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 239.643px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,486</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">313</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,9183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.174px; width: 739.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-167</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,5427</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.049px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.924px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-370</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,1044</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 173.799px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6154</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 190.674px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 249.691px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-365</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,397</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6757</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 207.549px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-663</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,809</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,5473</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 224.424px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 241.299px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 258.174px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">INR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 243.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0700</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 274.932px; width: 469.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 429.675px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 636.656px; top: 274.932px; width: 101.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:238.5px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 709.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 16.8848px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 30.3848px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 30.3848px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 30.3848px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 43.8848px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 43.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.3848px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 57.3848px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 57.3848px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.377px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.539px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,707</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9650</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.252px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-164</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.4863</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.127px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,896</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-226</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.002px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.0578</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.877px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.752px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 266.678px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,895</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.627px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 264.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.502px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.135px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 425.7px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-312</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-78</span></span></span><span style=\"display:inherit;clear:left;\">4.9.5 Impact on financial statements and sensitivity a<span class=\"_ _7\"></span>nalysis</span><span style=\"display:inherit;clear:left;\">Fluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In </span><span style=\"display:inherit;clear:left;\">2025, net interest-bearing debt decreased by DKK 103m (2024: increased by DKK 65m)<span class=\"_ _7\"></span> because of changes in foreign exchange </span><span style=\"display:inherit;clear:left;\">rates and amortisation. The most significant FX impact on the income statement comes from the Group\u2019s EUR-denominated debt. </span><span style=\"display:inherit;clear:left;\">Net debt in EUR was DKK 55.7bn at the end of 2025, and EUR/DKK increased by 0.1% during the year, resulting in a loss of DKK </span><span style=\"display:inherit;clear:left;\">76m. </span><span style=\"display:inherit;clear:left;\">Exchange rate sensitivity analysis \u2013 other comprehensive income</span><span style=\"display:inherit;clear:left;\">An increase in the exchange rates would, all other things being equal, have had the hypothetical impact on other comprehensive </span><span style=\"display:inherit;clear:left;\">income (OCI) for 2025 illustrated in the table below and vice versa for a decrease in exchange rates. The calculation is based on cash </span><span style=\"display:inherit;clear:left;\">flow hedges existing as at 31 December 2025. The sensitivity to GBP for 2024 was impacted by the hedging of the Britvic Group </span><span style=\"display:inherit;clear:left;\">acquisition and consequently higher than under normal circumstances. </span><span style=\"display:inherit;clear:left;\">Exchange rate sensitivity \u2013 other comprehensive income</span><span style=\"display:inherit;clear:left;position:relative;height:194.625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 665.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 616.928px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 213.25px; top: 16.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 339.844px; top: 16.8848px; width: 43.7461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Notional </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 531.375px; top: 16.8848px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 573.25px; top: 16.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 711.5px; top: 16.8848px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.3848px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 270.797px; top: 30.3848px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 343.797px; top: 30.3848px; width: 125.596px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Change</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 528.312px; top: 30.3848px; width: 31.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 631.125px; top: 30.3848px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 707.969px; top: 30.3848px; width: 31.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-845</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-33</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6788</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-886</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">PLN/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,7056</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-726</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-36</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.6912</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 98.002px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,1538</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-449</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.877px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,5753</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.5736</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.752px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,5128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-744</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9.0272</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 148.627px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UAH/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,1718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-639</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-77</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 165.502px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 244.406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 182.26px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-235</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">924</span></span></span><span style=\"display:inherit;clear:left;\">Applied exchange rates</span><span style=\"display:inherit;clear:left;\">The average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per </span><span style=\"display:inherit;clear:left;\">currency through the year.</span><span style=\"display:inherit;clear:left;\">Applied exchange rates</span><span style=\"display:inherit;clear:left;position:relative;height:204.6015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 377.875px; top: 0.0097656px; width: 283.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Closing rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 166.342px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Average rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 356.004px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Swiss franc (CHF)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.0371</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9067</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.8216</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chinese yuan (CNY)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9084</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9786</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9256</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9549</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Euro (EUR)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 318.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4689</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4600</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4591</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Pound sterling (GBP)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.5731</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.9934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.7044</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.8184</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Indian rupee (INR)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 284.32px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0708</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0838</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0763</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0824</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Laotian kip (LAK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 280.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00030</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00033</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00031</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00032</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Norwegian krone (NOK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 261px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6316</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6298</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6370</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6412</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Polish zloty (PLN)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7672</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7489</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7588</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7338</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ukrainian hryvnia (UAH)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 259.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1499</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1705</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1711</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Swedish krona (SEK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 273.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6904</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6495</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6755</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6523</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__168-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Time to maturity for non-current borrowings</span><span style=\"display:inherit;clear:left;position:relative;height:132.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 223.324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1-2 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2-3 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3-4 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4-5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.9627px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Issued bonds</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 201.047px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,675</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,966</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,322</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,123</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,834</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.834px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">52</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">297</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 202.312px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">468</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">348</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">234</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">182</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,071</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,303</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other borrowings</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.834px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.619px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.152px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,075</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,440</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,507</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,209</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,452</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.574px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,967</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,984</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,374</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,931</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,392</span></span></span><span style=\"display:inherit;clear:left;\">Section 4.10</span><span style=\"display:inherit;clear:left;\">Funding and liquidity risk</span><span style=\"display:inherit;clear:left;\">Liquidity risk results from the Group\u2019s potential inability to meet the obligations associated with its financial liabilities, for example </span><span style=\"display:inherit;clear:left;\">settlement of financial debt and payment of suppliers.</span><span style=\"display:inherit;clear:left;\">Th<span class=\"_ _7\"></span>e G<span class=\"_ _7\"></span>ro<span class=\"_ _7\"></span>up\u2019<span class=\"_ _7\"></span>s o<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span>ral<span class=\"_ _7\"></span>l o<span class=\"_ _7\"></span>bj<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span>ive<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>s t<span class=\"_ _7\"></span>o e<span class=\"_ _7\"></span>ns<span class=\"_ _7\"></span>ure<span class=\"_ _7\"></span> co<span class=\"_ _7\"></span>nt<span class=\"_ _7\"></span>inu<span class=\"_ _7\"></span>ou<span class=\"_ _7\"></span>s a<span class=\"_ _7\"></span>cce<span class=\"_ _7\"></span>ss<span class=\"_ _7\"></span>, a<span class=\"_ _7\"></span>t t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> ri<span class=\"_ _7\"></span>ght<span class=\"_ _7\"></span> p<span class=\"_ _7\"></span>ric<span class=\"_ _7\"></span>e,<span class=\"_ _7\"></span> to<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>fin<span class=\"_ _7\"></span>anc<span class=\"_ _7\"></span>ia<span class=\"_ _7\"></span>l r<span class=\"_ _7\"></span>eso<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>ces<span class=\"_ _7\"></span> n<span class=\"_ _7\"></span>eed<span class=\"_ _7\"></span>ed <span class=\"_ _7\"></span>fo<span class=\"_ _7\"></span>r o<span class=\"_ _7\"></span>per<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>ion<span class=\"_ _7\"></span>s a<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> gr<span class=\"_ _7\"></span>owt<span class=\"_ _7\"></span>h.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">The aim is to ensure effective liquidity management, which involves obtaining sufficient committed credit facilities to ensure adequate </span><span style=\"display:inherit;clear:left;\">financial resources and, to some extent, tapping a range of funding sources.</span><span style=\"display:inherit;clear:left;\">Diversified funding sources</span><span style=\"display:inherit;clear:left;\">The Group diversifies its access to funding to avoid relying on a single source of funding.</span><span style=\"display:inherit;clear:left;\">The Group has access to a committed EUR 2bn revolving credit facility maturing in 2030 with an option to extend by one year. The </span><span style=\"display:inherit;clear:left;\">RCF is currently not being utilised. In addition, the Group has committed and uncommitted cash pool bank overdraft facilities to cover </span><span style=\"display:inherit;clear:left;\">its day-to-day liquidity needs and uncommitted access to the euro commercial paper market, which provides short-term funding.</span><span style=\"display:inherit;clear:left;\">At 31 December 2025, bonds (EMTN and US Private Placements) accounted for 92%<span class=\"_ _7\"></span> of the gross funding. The US Private </span><span style=\"display:inherit;clear:left;\">Placements are issued by Britvic Ltd. and are subject to financial covenants that are measured semi-annually. The financial </span><span style=\"display:inherit;clear:left;\">covenants are net borrowing to EBITDA and EBITDA to net interest payable, both calculated for the group of entities that was </span><span style=\"display:inherit;clear:left;\">previously the Britvic Group. Carlsberg is monitoring these two financial covenants and does not consider them to constitute a risk of </span><span style=\"display:inherit;clear:left;\">pre-payment of the notes. The book value of the US Private Placements was DKK 5,287m<span class=\"_ _7\"></span> at 31 December 2025 and is presented as </span><span style=\"display:inherit;clear:left;\">Other bond issues in section 4.8.</span><span style=\"display:inherit;clear:left;\">Committed credit facilities and credit resources available</span><span style=\"display:inherit;clear:left;position:relative;height:324.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 444.625px; top: 19.2441px; width: 28.0195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 523.016px; top: 19.2441px; width: 35.3965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Utilised</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 419.797px; top: 32.7441px; width: 50.1094px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">committed</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 512.438px; top: 32.7441px; width: 52.2832px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">portion of  </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 602.922px; top: 32.7441px; width: 46.8105px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Unutilised</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 394.594px; top: 46.2441px; width: 77.8184px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">loans and credit </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 531.797px; top: 46.2441px; width: 29.3379px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">credit </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 46.2441px; width: 26.4023px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">credit</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 660.953px; top: 46.2441px; width: 82.0312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> Unutilised credit </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 59.7441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 430.656px; top: 59.7441px; width: 39.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">facilities</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 519.766px; top: 59.7441px; width: 39.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">facilities</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 610.688px; top: 59.7441px; width: 39.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">facilities</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 673.328px; top: 59.7441px; width: 66.4395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">facilities 2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 76.6191px; width: 34.9043px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 93.6113px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 406.534px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,332</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,171</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,161</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,248</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 110.166px; width: 234.164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total current committed loans and credit facilities</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 440.609px; top: 110.369px; width: 299.713px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">10,332</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,171</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,161</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,248</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.369px; width: 57.1992px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-current</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1-2 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2-3 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.524px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,075</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,075</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.111px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">3-4 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 399.803px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,440</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,440</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">179</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 213.986px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">4-5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 397.987px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,445</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,507</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,938</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,979</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 230.861px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 396.353px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,209</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,209</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 247.619px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total non-current committed loans and credit facilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">76,390</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,452</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,938</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15,168</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 264.611px; width: 182.461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents and deposits</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 264.611px; width: 115.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">9,585</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,601</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 281.486px; width: 739.934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current portion of utilised credit facilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 279.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,171</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10,748</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 295.361px; width: 205.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Credit resources available (total non-current </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 311.861px; width: 230.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">committed loans and credit facilities less net debt)</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 620.344px; top: 311.744px; width: 119.455px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">15,352</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,021</span></span></span><span style=\"display:inherit;clear:left;\">Credit resources available</span><span style=\"display:inherit;clear:left;\">The Group uses the term \u201ccredit resources available\u201d to determine the adequacy of access to credit facilities.</span><span style=\"display:inherit;clear:left;\">Credit resources available include cash, deposits and unutilised credit facilities with more than 12 months to maturity less utilised </span><span style=\"display:inherit;clear:left;\">credit facilities with less than 12 months to maturity and uncommitted working capital facilities<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">At 31 December 2025, the Group had total credit resources available of DKK 15,352m<span class=\"_ _7\"></span>, consisting of cash and cash equivalents and </span><span style=\"display:inherit;clear:left;\">deposits of DKK 9,585m plus unutilised committed non-current credit facilities of <span class=\"_ _7\"></span>DKK 14,938m less utilisation of current facilities of </span><span style=\"display:inherit;clear:left;\">DKK 9,171m. Including current credit facilities of DKK 1,161m, total unutilised committed credit facilities amounted to DKK <span class=\"_ _7\"></span>16,099m.</span><span style=\"display:inherit;clear:left;\">Credit resources available at year-end 2025 were DKK 0.7bn lower than at year-end 2024<span class=\"_ _7\"></span>, primarily as a result of the decrease in </span><span style=\"display:inherit;clear:left;\">cash and deposits. </span><span style=\"display:inherit;clear:left;\">The credit resources available and access to unutilised committed credit facilities are considered reasonable in light of the Group\u2019s </span><span style=\"display:inherit;clear:left;\">current needs in terms of financial flexibility. </span><span style=\"display:inherit;clear:left;\">The Group uses cash pools for day-to-day liquidity management in most of its entities in Western Europe, as well as intra-group </span><span style=\"display:inherit;clear:left;\">loans to and from subsidiaries. Asia and Central &amp; Eastern Europe and India are less integrated in terms of cash pools, and liquidity is </span><span style=\"display:inherit;clear:left;\">managed via intra-group loans. For some markets, intra-group loans are not possible, and surplus liquidity will be paid out in the </span><span style=\"display:inherit;clear:left;\">form of dividends, which results in a time lag between when the cash flow is generated and when it becomes available for </span><span style=\"display:inherit;clear:left;\">repayment of Group debts. The most significant cash balances subject to this delay are in India and also in Ukraine. Cash balances of </span><span style=\"display:inherit;clear:left;\">DKK 1.3bn held in Ukraine are temporarily unavailable for Group purposes due to the ongoing war. </span><span style=\"display:inherit;clear:left;\">Maturity of financial liabilities</span><span style=\"display:inherit;clear:left;position:relative;height:261.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 518.578px; top: 19.2441px; width: 41.4375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Maturity</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 324.312px; top: 32.7441px; width: 54.8145px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contractual</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 427.391px; top: 32.7441px; width: 41.4375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Maturity</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 524.516px; top: 32.7441px; width: 35.4844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&gt; 1 year</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 608.812px; top: 32.7441px; width: 41.4375px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Maturity</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.344px; top: 32.7441px; width: 39.6797px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carrying</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 46.2441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 329.969px; top: 46.2441px; width: 49.6758px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">cash flows</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 433.5px; top: 46.2441px; width: 35.4844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&lt; 1 year</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 516.938px; top: 46.2441px; width: 42.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&lt; 5 years</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 606.938px; top: 46.2441px; width: 42.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">&gt; 5 years</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 703.781px; top: 46.2441px; width: 35.9121px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 63.1191px; width: 147.896px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivative financial instruments</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 80.1113px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivative financial instruments, payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.94px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">118</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">141</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 113.744px; width: 170.279px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-derivative financial instruments</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 130.736px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross financial debt</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 261px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,971</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33,378</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,417</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 147.611px; width: 739.887px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,359</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,217</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,858</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,284</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 164.486px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade payables and deposits on returnable packing materials</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,579</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,579</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,579</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 181.361px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contingent liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 269.812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">252</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">252</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 198.236px; width: 739.799px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contingent and deferred considerations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.94px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,645</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">247</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,398</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,645</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 214.994px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-derivative financial instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.463px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113,806</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,471</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,634</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,701</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 231.869px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 259.582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113,924</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,580</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,643</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,701</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.744px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">69,667</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37,854</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22,087</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,726</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span></span><span style=\"display:inherit;clear:left;\">Maturity of financial liabilities</span><span style=\"display:inherit;clear:left;\">The table above lists the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact </span><span style=\"display:inherit;clear:left;\">of netting agreements, and thus summarises the gross liquidity risk. </span><span style=\"display:inherit;clear:left;\">The risk implied by the values reflects the one-sided scenario of cash outflows only. Trade payables and other financial liabilities </span><span style=\"display:inherit;clear:left;\">originate from the financing of assets in ongoing operations, such as property, plant and equipment, and investments in working </span><span style=\"display:inherit;clear:left;\">capital, for example inventories and trade receivables.</span><span style=\"display:inherit;clear:left;\">The nominal amount/contractual cash flow of gross financial debt totalled DKK 70,971m<span class=\"_ _7\"></span> in 2025 (2024: DKK 38,338m), whereas the </span><span style=\"display:inherit;clear:left;\">total carrying amount was DKK 70,623m (2024: DKK\ue7fe38,140m). The difference between these amounts relates to establishment </span><span style=\"display:inherit;clear:left;\">costs, which are capitalised on initial recognition and amortised over the duration of the borrowings.</span><span style=\"display:inherit;clear:left;\">The interest expense is the contractual cash flows expected on the gross financial debt existing at <span class=\"_ _7\"></span>31 December 2025. </span><span style=\"display:inherit;clear:left;\">The cash flow is estimated based on the notional amount of the above-mentioned borrowings and expected interest rates at year-</span><span style=\"display:inherit;clear:left;\">end 2025 and 2024. Interest on debt recognised at year-end 2025 and 2024 for which no contractual obligation exists (current </span><span style=\"display:inherit;clear:left;\">borrowings and other debts) has been included for a two-year period. The synthetic interest on lease liabilities has also been included </span><span style=\"display:inherit;clear:left;\">for a two-year period. The interest applied to the part of the debt where no contractual obligation exists is 3.25% for 2026 and 3.0% </span><span style=\"display:inherit;clear:left;\">for 2027 (2024: 3.25% for 2025 and 3.0% for 2026).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__165": {
   "value": "<span style=\"display:inherit;clear:left;\">Borrowings </span><span style=\"display:inherit;clear:left;\">Borrowings are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the </span><span style=\"display:inherit;clear:left;\">effective interest method. Accordingly, the difference between the fair value less transaction costs and the nominal value is </span><span style=\"display:inherit;clear:left;\">recognised under financial expenses over the term of the loan.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__171": {
   "value": "<span style=\"display:inherit;clear:left;\">4.7.2 Cash and cash equivalents </span><span style=\"display:inherit;clear:left;\">Cash and cash equivalents include bank deposits and short-term marketable securities with an original term of less than three </span><span style=\"display:inherit;clear:left;\">months or deposits with a maturity of more than three months with contractual rights to terminate without significant costs, which </span><span style=\"display:inherit;clear:left;\">are subject to an insignificant risk of changes in fair value and form part of the short-term cash planning. Total cash and cash </span><span style=\"display:inherit;clear:left;\">equivalents amounted to DKK 9,585m in 2025 (2024: DKK 11,601m), of which DKK 4,547m<span class=\"_ _7\"></span> was deposits at 31 December 2025 (2024: </span><span style=\"display:inherit;clear:left;\">DKK 5,799m). The average interest rate on deposits was 4.1% (2024: 4.8%). </span><span style=\"display:inherit;clear:left;\">Cash and deposits</span><span style=\"display:inherit;clear:left;position:relative;height:140.625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 665.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.248px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 155.467px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 512.234px; top: 16.8848px; width: 50.2559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivative </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.8848px; width: 50.2559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Derivative </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 520.109px; top: 30.3848px; width: 42.7266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 699.219px; top: 30.3848px; width: 42.7266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 385.781px; top: 43.8848px; width: 84.9609px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and deposits</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 43.8848px; width: 144.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cash and deposits</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 684.812px; top: 43.8848px; width: 54.9199px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">instruments</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 60.877px; width: 739.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">AA range</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.993px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,730</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">90</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,022</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 77.752px; width: 739.852px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">A range</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 408.206px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,466</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">465</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,126</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">285</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 94.627px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">BBB range</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">398</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">650</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 111.502px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not rated or below BBB range</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.873px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">991</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">803</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 128.26px; width: 739.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 417.169px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,585</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">566</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,601</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">334</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__180-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 4.8</span><span style=\"display:inherit;clear:left;\">Interest rate risk</span><span style=\"display:inherit;clear:left;\">Interest rate risk is monitored on net financial debt, i.e. borrowings, cash and cash equivalents, deposits and securities, and derivative </span><span style=\"display:inherit;clear:left;\">financial instruments. The target is to have a duration between three and eight years. At <span class=\"_ _7\"></span>31 December 2025, the duration was 4.4 </span><span style=\"display:inherit;clear:left;\">years (2024: 4.0 years). Interest rate risk is mainly managed using fixed-rate bonds, which are<span class=\"_ _7\"></span> denominated in EUR and GBP. At the </span><span style=\"display:inherit;clear:left;\">reporting date, 84% of the net financial debt consisted of fixed-rate borrowings with interest rates fixed for more than one year </span><span style=\"display:inherit;clear:left;\">(2024: 97%).</span><span style=\"display:inherit;clear:left;\">Net financial debt by currency</span><span style=\"display:inherit;clear:left;position:relative;height:306.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 310.594px; top: 43.9941px; width: 72.0234px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 452.219px; top: 43.9941px; width: 17.3906px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.938px; top: 43.9941px; width: 72.0234px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gross financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 43.9941px; width: 63.0586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net financial </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.4941px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 358.891px; top: 57.4941px; width: 21.0879px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">debt</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 406.484px; top: 57.4941px; width: 153.41px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">financial debt</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 586.531px; top: 57.4941px; width: 62.6543px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">debt, fixed %</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 673.797px; top: 57.4941px; width: 65.0801px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">debt, fixed %\u00b9</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 744.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 326.478px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,986</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">55,676</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,712</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">74% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">79% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 343.693px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-961</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.734px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 342.094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">147</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 744.592px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,628</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,391</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">79% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">86% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 744.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 331.16px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,676</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,452</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-5% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.744px; width: 745.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 322.049px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61,038</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51,216</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">73% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">84% </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.494px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.486px; width: 744.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36,211</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31,254</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">82% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.361px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 345.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">133</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-991</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.236px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.109px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-217</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.111px; width: 742.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 343.693px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">318</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-81</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-37 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.4465px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.986px; width: 742.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 330.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,382</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3,426</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">177</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">13% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-5 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.4465px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.744px; width: 745.014px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 323.613px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26,539</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25,830</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">68%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">97% </span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 In some currencies the percentage of net debt at fixed interest rates is negative, as the to<span class=\"_ _7\"></span>tal cash exceeds the total debt.</span><span style=\"display:inherit;clear:left;\">On a gross debt basis, 73% was at fixed interest rates (2024: 68%). Significant parts of the Group\u2019s cash and cash equivalents are </span><span style=\"display:inherit;clear:left;\">held in currencies other than the two main funding currencies, EUR and GBP, which account for the predominant part of the fixed-</span><span style=\"display:inherit;clear:left;\">rate borrowings. 91% of the Group\u2019s net debt is in EUR and 14% is in GBP (on a gross basis: 84% and 13%) and, consequently, the </span><span style=\"display:inherit;clear:left;\">interest rate exposure primarily relates to interest rate developments for EUR and GBP.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Sensitivity analysis</span><span style=\"display:inherit;clear:left;\">An increase in interest rates would result in an increase in net interest expenses. It is estimated that a 1 percentage point interest rate </span><span style=\"display:inherit;clear:left;\">increase across currencies would lead to an increase in net interest expenses of DKK <span class=\"_ _7\"></span>98m (2024: decrease of DKK 7m). </span><span style=\"display:inherit;clear:left;\">All debts are carried at amortised cost. Changes in the interest rate will impact not the carrying amount but the fair value of debt, cf. </span><span style=\"display:inherit;clear:left;\">section 4.7.1. The fair value of total gross borrowings was DKK 505m lower than the carrying amount (20<span class=\"_ _7\"></span>24: DKK 285m lower). </span><span style=\"display:inherit;clear:left;\">If all interest rates across tenor and currencies had been 1 percentage point higher at the reporting date, it would have led to a gain </span><span style=\"display:inherit;clear:left;\">of DKK 2,704m (2024: DKK 2,367m), and a similar loss had the interest rate been 1 percentage point lower.</span><span style=\"display:inherit;clear:left;\">Interest rate risk</span><span style=\"display:inherit;clear:left;position:relative;height:508.609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 429.922px; top: 30.4941px; width: 39.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 343.781px; top: 43.9941px; width: 38.8242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.656px; top: 43.9941px; width: 40.6992px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">effective</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 703.781px; top: 43.9941px; width: 38.8242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.4941px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 359.953px; top: 57.4941px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 411.703px; top: 57.4941px; width: 237.41px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">interest rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed for</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 11.7422px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Carrying amount</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.016px; top: 57.4941px; width: 38.5781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate risk</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.3691px; width: 60.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Issued bonds</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 750m maturing 26 November 2026</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,597</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 850m maturing 26 February 2027</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Floating</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,335</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 500m maturing 30 June 2027</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 193.752px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">0.5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1-2 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,728</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 700m maturing 5 October 2028</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4.2% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2-3 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,205</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 400m maturing 1 July 2029</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1.0% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3-4 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,973</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 1bn maturing 28 August 2029</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 195.129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.8205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3-4 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,437</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 500m maturing 11 March 2030</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 189.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">0.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.4102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4-5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 8.19143px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,722 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.486px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 1bn maturing 27 February 2032</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.3% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.4143px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,434</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.361px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 600m maturing 5 October 2033</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4.4% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.9627px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,436</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.236px; width: 738.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR 1.15bn maturing 28 February 2035</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.4143px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,529</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 43.8866px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-5\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value</span></span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.111px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP 500m maturing 28 February 2039</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">5.6% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.9627px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,225</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.869px; width: 649.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 421.616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.1% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">59,621</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.744px; width: 649.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 391.061px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2.8% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.764px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29,329</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 327.494px; width: 83.8066px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other bond issues</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 347.113px; width: 58.9453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffa; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Floating-rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 341.766px; top: 344.486px; width: 397.975px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Floating</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">4.5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,860</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cash flow</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 363.988px; width: 47.2676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffa; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed-rate</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 355.062px; top: 361.361px; width: 384.369px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3.5% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,427</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 378.119px; width: 649.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 598.324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,287</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 394.994px; width: 649.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 592.763px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 428.744px; width: 183.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bank borrowings and other borrowings</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 445.736px; width: 739.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Floating-rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 281.508px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Floating</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,613</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cash flow</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 462.611px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed-rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fixed</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">102</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 44.6426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 479.369px; width: 649.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 601.399px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,715</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 496.244px; width: 649.793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 574.732px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,811</span></span></span><span style=\"display:inherit;clear:left;\">The sensitivity analysis is based on the financial instruments (borrowings, cash and cash equivalents, deposits and securities, and </span><span style=\"display:inherit;clear:left;\">derivative financial instruments) recognised at the reporting date. </span><span style=\"display:inherit;clear:left;\">The analysis was performed on the same basis as for 2024.</span><span style=\"display:inherit;clear:left;\">4.9.3 Net finance</span><span style=\"display:inherit;clear:left;\">The Group is exposed to foreign exchange risk on borrowings and trade payables denominated in a currency other than the </span><span style=\"display:inherit;clear:left;\">functional currency of the local entities reporting these, as well as the risk that arises when net cash inflow is generated in one </span><span style=\"display:inherit;clear:left;\">currency but borrowings are denominated and have to be repaid in another currency. The main currencies impacting net finance </span><span style=\"display:inherit;clear:left;\">during 2025 were EUR and UAH. The combined net foreign exchange, fair value adjustment loss and the effect of hyperinflation in </span><span style=\"display:inherit;clear:left;\">2025 was DKK -187m (2024: DKK 159m).</span><span style=\"display:inherit;clear:left;\">Currency profile of borrowings</span><span style=\"display:inherit;clear:left;\">Before and after derivative financial instruments</span><span style=\"display:inherit;clear:left;position:relative;height:180.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 523.125px; top: 19.2441px; width: 39.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Original </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 621.953px; top: 19.2441px; width: 31.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 19.2441px; width: 27.3574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">After </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 520.109px; top: 32.7441px; width: 39.873px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">principal</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 612.953px; top: 32.7441px; width: 37.3008px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">of swap</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 715.641px; top: 32.7441px; width: 24.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">swap</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.7363px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.982px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">345</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,745</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,090</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.6113px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,299</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,058</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,357</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.4863px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.55px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58,986</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8,344</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50,642</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.361px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 522.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">553</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">915</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,468</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.236px; width: 739.84px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 523.68px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,037</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,146</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.111px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 514.47px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,331</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,411</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,080</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 150.869px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 502.211px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70,623</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.744px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.205px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38,140</span></span></span><span style=\"display:inherit;clear:left;\">4.9.4 Consolidated profit and other comprehensive in<span class=\"_ _7\"></span>come</span><span style=\"display:inherit;clear:left;\">Consolidated profit and net investment are exposed to foreign exchange translation risks where only the latter can be hedged for </span><span style=\"display:inherit;clear:left;\">accounting purposes. The revaluation of the net investment is recognised in other comprehensive income, and the Group hedges part </span><span style=\"display:inherit;clear:left;\">of this foreign exchange exposure by having debt in foreign currency and selling foreign currencies via foreign exchange forwards and </span><span style=\"display:inherit;clear:left;\">non-deliverable forwards, designating these as net investment hedges. The basis for hedging is reviewed at least once a year, and the </span><span style=\"display:inherit;clear:left;\">cost of hedging is balanced against the risk reduction.</span><span style=\"display:inherit;clear:left;\">Two of the most significant net risks relate to foreign exchange adjustment of net investments in CNY and CHF, both of which are </span><span style=\"display:inherit;clear:left;\">partly hedged. Furthermore, following the Britvic acquisition Carlsberg chose to hedge part of the net investment via a GBP 500m </span><span style=\"display:inherit;clear:left;\">EMTN bond, cf. section 4.8, and GBP 250m of ordinary FX forwards. Only the latter is reflected in the average hedged rate in the </span><span style=\"display:inherit;clear:left;\">table.  </span><span style=\"display:inherit;clear:left;\">All the forward exchange contracts mature during 2026. At 31 December 2025<span class=\"_ _7\"></span>, all adjustments of financial instruments have been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income. Fair value adjustments of loans designated as strategic intra-group loans have also been </span><span style=\"display:inherit;clear:left;\">recognised in other comprehensive income.</span><span style=\"display:inherit;clear:left;\">The fa<span class=\"_ _7\"></span>ir value<span class=\"_ _7\"></span> of deri<span class=\"_ _7\"></span>vatives u<span class=\"_ _7\"></span>sed as n<span class=\"_ _7\"></span>et inves<span class=\"_ _7\"></span>tment he<span class=\"_ _7\"></span>dges rec<span class=\"_ _7\"></span>ognised a<span class=\"_ _7\"></span>t 31 Dec<span class=\"_ _7\"></span>ember <span class=\"_ _0\"></span>2025 am<span class=\"_ _7\"></span>ounted <span class=\"_ _7\"></span>to DKK <span class=\"_ _7\"></span>18m (2024:<span class=\"_ _7\"></span> DKK -59<span class=\"_ _7\"></span>m).</span><span style=\"display:inherit;clear:left;\">The closing balance in the equity reserve for currency translation of hedges of net investments for which hedge accounting no longer </span><span style=\"display:inherit;clear:left;\">applies amounted to DKK -1,530m (2024: DKK -1,928m) on a pre-tax basis. </span><span style=\"display:inherit;clear:left;position:relative;height:287.29296875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 145.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net investment hedges</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 29.5723px; width: 709.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 48.8066px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 62.3066px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 62.3066px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 62.3066px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 75.8066px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 75.8066px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 75.8066px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.3066px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 89.3066px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 89.3066px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 89.3066px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 106.299px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 239.643px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,486</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">313</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,9183</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.174px; width: 739.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-167</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,5427</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.049px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,357</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.924px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-370</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,1044</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 173.799px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6154</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 190.674px; width: 739.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 249.691px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-365</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,397</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6757</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 207.549px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-663</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,809</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,5473</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 224.424px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 241.299px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 258.174px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">INR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 243.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0700</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 274.932px; width: 469.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 429.675px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 636.656px; top: 274.932px; width: 101.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:238.5px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 709.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 572.899px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Fair value of derivatives</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 237.875px; top: 16.8848px; width: 54.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 235.094px; top: 30.3848px; width: 57.0293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">investment, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 295.203px; top: 30.3848px; width: 84.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intra-group loans,</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.594px; top: 30.3848px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 217.062px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.578px; top: 43.8848px; width: 75.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount in local </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 400.062px; top: 43.8848px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.484px; top: 43.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.3848px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 249.703px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 340.594px; top: 57.3848px; width: 39.9551px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">currency</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 403.75px; top: 57.3848px; width: 65.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income (DKK)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 540.578px; top: 57.3848px; width: 198.861px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Liability</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.377px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CNY</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 240.539px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,707</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9650</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.252px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">MYR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-164</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.4863</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.127px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">HKD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,896</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-226</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.002px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-280</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">92</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.0578</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.877px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-450</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,000</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6263</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.752px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 266.678px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4,895</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.627px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 264.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">237</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.502px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SGD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CAD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 265.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">106</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.135px; width: 739.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 425.7px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-312</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-78</span></span></span><span style=\"display:inherit;clear:left;\">4.9.5 Impact on financial statements and sensitivity a<span class=\"_ _7\"></span>nalysis</span><span style=\"display:inherit;clear:left;\">Fluctuations in foreign exchange rates will affect the level of debt, as funding is obtained and cash held in a number of currencies. In </span><span style=\"display:inherit;clear:left;\">2025, net interest-bearing debt decreased by DKK 103m (2024: increased by DKK 65m)<span class=\"_ _7\"></span> because of changes in foreign exchange </span><span style=\"display:inherit;clear:left;\">rates and amortisation. The most significant FX impact on the income statement comes from the Group\u2019s EUR-denominated debt. </span><span style=\"display:inherit;clear:left;\">Net debt in EUR was DKK 55.7bn at the end of 2025, and EUR/DKK increased by 0.1% during the year, resulting in a loss of DKK </span><span style=\"display:inherit;clear:left;\">76m. </span><span style=\"display:inherit;clear:left;\">Exchange rate sensitivity analysis \u2013 other comprehensive income</span><span style=\"display:inherit;clear:left;\">An increase in the exchange rates would, all other things being equal, have had the hypothetical impact on other comprehensive </span><span style=\"display:inherit;clear:left;\">income (OCI) for 2025 illustrated in the table below and vice versa for a decrease in exchange rates. The calculation is based on cash </span><span style=\"display:inherit;clear:left;\">flow hedges existing as at 31 December 2025. The sensitivity to GBP for 2024 was impacted by the hedging of the Britvic Group </span><span style=\"display:inherit;clear:left;\">acquisition and consequently higher than under normal circumstances. </span><span style=\"display:inherit;clear:left;\">Exchange rate sensitivity \u2013 other comprehensive income</span><span style=\"display:inherit;clear:left;position:relative;height:194.625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 665.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 616.928px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 213.25px; top: 16.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 339.844px; top: 16.8848px; width: 43.7461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Notional </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 531.375px; top: 16.8848px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 573.25px; top: 16.8848px; width: 79.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average hedged </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 711.5px; top: 16.8848px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.3848px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 270.797px; top: 30.3848px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 343.797px; top: 30.3848px; width: 125.596px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">amount</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Change</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 528.312px; top: 30.3848px; width: 31.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 631.125px; top: 30.3848px; width: 19.0488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 707.969px; top: 30.3848px; width: 31.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NOK/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-845</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-33</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SEK/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,6788</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-886</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">PLN/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,7056</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-726</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-36</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.6912</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-35</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 98.002px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CHF/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,1538</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-449</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-22</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.877px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">USD/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,5753</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6.5736</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.752px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">GBP/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,5128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-744</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9.0272</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,125</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 148.627px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">UAH/DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.543px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0,1718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-639</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1718</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-77</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 165.502px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 244.406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">N/A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 182.26px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 513px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-235</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.853px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">924</span></span></span><span style=\"display:inherit;clear:left;\">Applied exchange rates</span><span style=\"display:inherit;clear:left;\">The average exchange rate was calculated using the monthly exchange rates weighted according to the phasing of the revenue per </span><span style=\"display:inherit;clear:left;\">currency through the year.</span><span style=\"display:inherit;clear:left;\">Applied exchange rates</span><span style=\"display:inherit;clear:left;position:relative;height:204.6015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 377.875px; top: 0.0097656px; width: 283.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Closing rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 166.342px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Average rate</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 356.004px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Swiss franc (CHF)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.0371</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9067</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.9644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.8216</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chinese yuan (CNY)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9084</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9786</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9256</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.9549</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Euro (EUR)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 318.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4689</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4600</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4631</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.4591</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Pound sterling (GBP)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 277.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.5731</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.9934</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.7044</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8.8184</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Indian rupee (INR)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 284.32px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0708</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0838</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0763</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0824</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Laotian kip (LAK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 280.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00030</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00033</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00031</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.00032</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Norwegian krone (NOK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 261px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6316</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6298</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6370</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6412</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Polish zloty (PLN)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7672</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7489</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7588</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.7338</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ukrainian hryvnia (UAH)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 259.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1499</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1705</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.6114px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1711</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Swedish krona (SEK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 273.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6904</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6495</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6755</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6523</span></span></span><span style=\"display:inherit;clear:left;\">4.9.6 Commodity risk</span><span style=\"display:inherit;clear:left;\">Commodity price risk is associated with externally sourced input materials, such as malt (barley), cans (aluminium), paper, sugar and </span><span style=\"display:inherit;clear:left;\">glass &amp; plastic (PET) bottles. Commodity risk management is coordinated centrally and aimed at achieving predictable prices in the </span><span style=\"display:inherit;clear:left;\">medium term. </span><span style=\"display:inherit;clear:left;\">As the underlying markets for the commodity categories are different, so is the way in which they are hedged.</span><span style=\"display:inherit;clear:left;\">The most common form of hedging is fixed-price purchase agreements with suppliers in local currencies. </span><span style=\"display:inherit;clear:left;\">For barley and aluminium, the two most significant commodity exposures, Group policy is to have a minimum of 70% hedged for a </span><span style=\"display:inherit;clear:left;\">given year by the end of the third quarter of the previous year, with a target hedge ratio of 90% at the beginning of the year.</span><span style=\"display:inherit;clear:left;\">A significant part of the Group\u2019s barley exposure for 2025 had therefore been hedged through fixed-price purchase agreements </span><span style=\"display:inherit;clear:left;\">entered into in 2024. Likewise, the majority of the exposure for 2026 was hedged in 2025.</span><span style=\"display:inherit;clear:left;\">In <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> Gro<span class=\"_ _7\"></span>up\u2019s<span class=\"_ _7\"></span> lo<span class=\"_ _7\"></span>ng-t<span class=\"_ _7\"></span>erm<span class=\"_ _7\"></span> pur<span class=\"_ _7\"></span>chas<span class=\"_ _7\"></span>e a<span class=\"_ _7\"></span>gree<span class=\"_ _7\"></span>men<span class=\"_ _7\"></span>ts f<span class=\"_ _7\"></span>or c<span class=\"_ _7\"></span>ans<span class=\"_ _7\"></span>, th<span class=\"_ _7\"></span>e al<span class=\"_ _7\"></span>umi<span class=\"_ _7\"></span>nium<span class=\"_ _7\"></span> pr<span class=\"_ _7\"></span>ice <span class=\"_ _7\"></span>is v<span class=\"_ _7\"></span>aria<span class=\"_ _7\"></span>ble<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> ba<span class=\"_ _7\"></span>sed <span class=\"_ _7\"></span>on t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>glob<span class=\"_ _7\"></span>al m<span class=\"_ _7\"></span>ark<span class=\"_ _7\"></span>et p<span class=\"_ _7\"></span>ric<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">alu<span class=\"_ _7\"></span>min<span class=\"_ _7\"></span>ium <span class=\"_ _7\"></span>(Lon<span class=\"_ _7\"></span>don<span class=\"_ _7\"></span> Met<span class=\"_ _7\"></span>al E<span class=\"_ _7\"></span>xch<span class=\"_ _7\"></span>ange<span class=\"_ _7\"></span>, L<span class=\"_ _7\"></span>ME),<span class=\"_ _7\"></span> and<span class=\"_ _7\"></span> in<span class=\"_ _7\"></span> som<span class=\"_ _7\"></span>e co<span class=\"_ _7\"></span>ntr<span class=\"_ _7\"></span>acts<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e ca<span class=\"_ _7\"></span>n pr<span class=\"_ _7\"></span>ice<span class=\"_ _7\"></span> als<span class=\"_ _7\"></span>o va<span class=\"_ _7\"></span>rie<span class=\"_ _7\"></span>s wi<span class=\"_ _7\"></span>th r<span class=\"_ _7\"></span>esp<span class=\"_ _7\"></span>ect <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>alum<span class=\"_ _7\"></span>ini<span class=\"_ _7\"></span>um s<span class=\"_ _7\"></span>pot <span class=\"_ _7\"></span>pre<span class=\"_ _7\"></span>mium<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">The aluminium price risk has been hedged for both 2025 and 2026, and in both cases the aluminium spot premium was partly </span><span style=\"display:inherit;clear:left;\">hedged using derivative financial instruments. The fair values of the derivative financial instruments are specified in section<span class=\"_ _7\"></span> 4.5.</span><span style=\"display:inherit;clear:left;\">For sugar, we enter into fixed-price agreements linked to official indices, for example NY11. As with barley and aluminium, the </span><span style=\"display:inherit;clear:left;\">majority of the 2025 sugar exposure had been hedged in 2024. Likewise, the majority of the exposure for 2026 was hedged in 2025.</span><span style=\"display:inherit;clear:left;\">Other commodities, such as PET resins, paper, rice and corn, are also hedged directly via suppliers fixing prices to the extent possible.<span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">For electricity and natural gas used in production of the Group\u2019s own products, most markets in Central &amp; Eastern Europe and India </span><span style=\"display:inherit;clear:left;\">and Asia are regulated with no possibility to hedge prices. In Western Europe, where most markets allow forward hedging, the </span><span style=\"display:inherit;clear:left;\">majority of the Group\u2019s exposure is hedged up to a 15-month rolling basis using either fixed-price agreements or derivative financial </span><span style=\"display:inherit;clear:left;\">instruments. For the electricity used in the Nordics, Carlsberg has entered into a number of virtual power purchase agreements with </span><span style=\"display:inherit;clear:left;\">maturity of up to 10 years accounted for as derivative financial instruments, and in the UK Carlsberg has entered into physically </span><span style=\"display:inherit;clear:left;\">settled power purchase agreements accounted for as executory agreements. For Western Europe, the impact of changes in diesel </span><span style=\"display:inherit;clear:left;\">prices on the cost of distribution has been hedged for 2026.</span><span style=\"display:inherit;clear:left;\">Commodity price sensitivity analysis</span><span style=\"display:inherit;clear:left;\">Increases in the price of aluminium, diesel and electricity would, all other things being equal, have had the hypothetical impacts on </span><span style=\"display:inherit;clear:left;\">other comprehensive income (OCI) for 2025 as illustrated in the table, and vice versa for price decreases. The calculation is based on </span><span style=\"display:inherit;clear:left;\">hedges existing as at 31 December 2025.</span><span style=\"display:inherit;clear:left;\">Hedging of raw material price risk</span><span style=\"display:inherit;clear:left;position:relative;height:256.4453125px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 156.359px; top: 2.46289px; width: 94.6289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sensitivity assuming</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 164.688px; top: 15.9629px; width: 483.539px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> 100% efficiency</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 326.478px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Time of maturity</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 261.625px; top: 35.0879px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 405.031px; top: 35.0879px; width: 67.5996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average price </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 48.5879px; width: 199.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Aluminium</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.24px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Change</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 258.312px; top: 48.5879px; width: 121.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Tonnes purchased</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 440.609px; top: 48.5879px; width: 299.461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">(DKK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2026</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2027</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 65.4629px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.234px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">469</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">124,688</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16,094</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">124,688</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 82.4551px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">333</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">93,341</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,189</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">82,826</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,515</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 261.625px; top: 116.088px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 405.031px; top: 116.088px; width: 67.5996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average price </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 129.588px; width: 199.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Diesel</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.709px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Change</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 258.312px; top: 129.588px; width: 121.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Tonnes purchased</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 440.609px; top: 129.588px; width: 299.461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">(DKK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2026</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2027</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.463px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.234px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,569</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,028</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.0429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37,675</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,894</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.455px; width: 23.25px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 261.625px; top: 197.088px; width: 28.1133px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effect</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 405.031px; top: 197.088px; width: 67.5996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average price </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 210.588px; width: 199.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Electricity</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 117.51px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Change</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 258.312px; top: 210.588px; width: 121.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">on OCI</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 12.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">MWh purchased</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 440.609px; top: 210.588px; width: 299.467px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">(DKK)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1-5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.4143px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 227.463px; width: 739.846px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.234px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">20%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.6779px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">848,973</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">334</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57,940</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">353,286</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">437,747</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 244.455px; width: 23.25px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span></span><span style=\"display:inherit;clear:left;\">Natural gas and the aluminium spot premium have also been hedged via derivatives, and the hypothetical effect on OCI of a 20% </span><span style=\"display:inherit;clear:left;\">increase would have been DKK 14m and DKK 2m respectively as at 31 December 2025 (2024: DKK 0m and DKK 0m).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__186": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 5.1</span><span style=\"display:inherit;clear:left;\">Acquisitions</span><span style=\"display:inherit;clear:left;\">2025</span><span style=\"display:inherit;clear:left;\">Britvic Group</span><span style=\"display:inherit;clear:left;\">On 16 January 2025, the court-sanctioned scheme to acquire all the outstanding shares in Britvic plc became effective, and Carlsberg </span><span style=\"display:inherit;clear:left;\">obtained control and began consolidation of the business from this date. </span><span style=\"display:inherit;clear:left;\">The Britvic Group was an integrated soft drinks business with activities in the UK, Ireland, France and Brazil. The company has been </span><span style=\"display:inherit;clear:left;\">the bottling partner for Pepsi in the UK since 1987 and in Ireland since 2007, with the Pepsi franchises accounting for around half of </span><span style=\"display:inherit;clear:left;\">the revenue. The other half is generated from a range of own brands in multiple soft drinks segments.</span><span style=\"display:inherit;clear:left;\">During 2025, the Britvic Group was fully integrated into the Carlsberg Group, with the operations in the UK, Ireland and France </span><span style=\"display:inherit;clear:left;\">included in the Western Europe region, and the operations in Brazil in the Central &amp; Eastern Europe and India region. </span><span style=\"display:inherit;clear:left;\">Strategic rationale and synergies</span><span style=\"display:inherit;clear:left;\">The acquisition of Britvic was attractive for Carlsberg from a strategic, operational and financial angle. It supports the Group\u2019s </span><span style=\"display:inherit;clear:left;\">Accelerate SAIL growth ambitions, enhances the top- and bottom-line growth profile and cash generation in Western Europe, and </span><span style=\"display:inherit;clear:left;\">transforms our business in the UK.</span><span style=\"display:inherit;clear:left;\">Int<span class=\"_ _7\"></span>egra<span class=\"_ _7\"></span>ting<span class=\"_ _7\"></span> Bri<span class=\"_ _7\"></span>tvic<span class=\"_ _7\"></span> int<span class=\"_ _7\"></span>o th<span class=\"_ _7\"></span>e Gr<span class=\"_ _7\"></span>oup <span class=\"_ _7\"></span>sign<span class=\"_ _7\"></span>ific<span class=\"_ _7\"></span>antl<span class=\"_ _7\"></span>y in<span class=\"_ _7\"></span>crea<span class=\"_ _7\"></span>sed <span class=\"_ _7\"></span>the <span class=\"_ _7\"></span>Grou<span class=\"_ _7\"></span>p\u2019s <span class=\"_ _7\"></span>soft<span class=\"_ _7\"></span> dri<span class=\"_ _7\"></span>nks <span class=\"_ _7\"></span>shar<span class=\"_ _7\"></span>e of<span class=\"_ _7\"></span> tot<span class=\"_ _7\"></span>al v<span class=\"_ _7\"></span>olum<span class=\"_ _7\"></span>es t<span class=\"_ _7\"></span>o mo<span class=\"_ _7\"></span>re t<span class=\"_ _7\"></span>han <span class=\"_ _7\"></span>30%.<span class=\"_ _7\"></span> Wit<span class=\"_ _7\"></span>h th<span class=\"_ _7\"></span>e </span><span style=\"display:inherit;clear:left;\">acq<span class=\"_ _7\"></span>uisi<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> of <span class=\"_ _7\"></span>Brit<span class=\"_ _7\"></span>vic <span class=\"_ _7\"></span>we e<span class=\"_ _7\"></span>stab<span class=\"_ _7\"></span>lish<span class=\"_ _7\"></span>ed a<span class=\"_ _7\"></span>n in<span class=\"_ _7\"></span>tegr<span class=\"_ _7\"></span>ated<span class=\"_ _7\"></span> bev<span class=\"_ _7\"></span>erag<span class=\"_ _7\"></span>e co<span class=\"_ _7\"></span>mpan<span class=\"_ _7\"></span>y in<span class=\"_ _7\"></span> the<span class=\"_ _7\"></span> UK <span class=\"_ _7\"></span>as a<span class=\"_ _7\"></span> mul<span class=\"_ _7\"></span>ti-b<span class=\"_ _7\"></span>ever<span class=\"_ _7\"></span>age<span class=\"_ _7\"></span> supp<span class=\"_ _7\"></span>lie<span class=\"_ _7\"></span>r of<span class=\"_ _7\"></span> scal<span class=\"_ _7\"></span>e, <span class=\"_ _7\"></span>bene<span class=\"_ _7\"></span>fiti<span class=\"_ _7\"></span>ng f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>an </span><span style=\"display:inherit;clear:left;\">eff<span class=\"_ _7\"></span>icie<span class=\"_ _7\"></span>nt s<span class=\"_ _7\"></span>uppl<span class=\"_ _7\"></span>y ch<span class=\"_ _7\"></span>ain <span class=\"_ _7\"></span>and <span class=\"_ _7\"></span>dist<span class=\"_ _7\"></span>ribu<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> net<span class=\"_ _7\"></span>work<span class=\"_ _7\"></span>, an<span class=\"_ _7\"></span>d pr<span class=\"_ _7\"></span>ovid<span class=\"_ _7\"></span>ing <span class=\"_ _7\"></span>cust<span class=\"_ _7\"></span>omer<span class=\"_ _7\"></span>s wi<span class=\"_ _7\"></span>th a<span class=\"_ _7\"></span> com<span class=\"_ _7\"></span>preh<span class=\"_ _7\"></span>ensi<span class=\"_ _7\"></span>ve p<span class=\"_ _7\"></span>ortf<span class=\"_ _7\"></span>olio<span class=\"_ _7\"></span> of <span class=\"_ _7\"></span>bran<span class=\"_ _7\"></span>ds a<span class=\"_ _7\"></span>nd c<span class=\"_ _7\"></span>usto<span class=\"_ _7\"></span>mer <span class=\"_ _7\"></span>serv<span class=\"_ _7\"></span>ice.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">The goodwill arising on the acquisition consists largely of synergies across a number of areas, including direct and indirect </span><span style=\"display:inherit;clear:left;\">procurement, supply chain, administration and overheads, and these will be achieved across Carlsberg\u2019s and Britvic's combined </span><span style=\"display:inherit;clear:left;\">business. The majority of these synergies are expected to be realised by 2027.     </span><span style=\"display:inherit;clear:left;\">Transaction and integration costs</span><span style=\"display:inherit;clear:left;\">Costs incurred to complete the transaction totalled DKK 413m, of which DKK 263m was recognised in 2024. Following the acquisition, </span><span style=\"display:inherit;clear:left;\">the Group incurred integration costs of DKK 495m, primarily relating to severance payments and stay-on bonuses (DKK 302m)<span class=\"_ _7\"></span> and </span><span style=\"display:inherit;clear:left;\">advisory fees (DKK 69m). Transaction and integration costs are recognised as part of special items, cf. section<span class=\"_ _7\"></span> 3.1.</span><span style=\"display:inherit;clear:left;\">Consideration</span><span style=\"display:inherit;clear:left;\">The consideration transferred to acquire the shares in Britvic plc amounted to<span class=\"_ _7\"></span> DKK 28,704m. An additional DKK 556m of dividends </span><span style=\"display:inherit;clear:left;\">was subsequently transferred to the former shareholders. As part of the acquisition, the Group paid<span class=\"_ _7\"></span> DKK 21m to settle outstanding </span><span style=\"display:inherit;clear:left;\">share-based payment awards held by employees of the Britvic Group. The awards were fully vested at the acquisition date and not </span><span style=\"display:inherit;clear:left;\">contingent on future service. These amounts were fully accrued in Britvic\u2019s statement of financial position ahead of the acquisition </span><span style=\"display:inherit;clear:left;\">and are therefore not reflected in the consideration used for calculation of goodwill. </span><span style=\"display:inherit;clear:left;\">The consideration applied for calculation of goodwill included a basis adjustment of DKK 97m<span class=\"_ _7\"></span> related to losses on cash flow hedges </span><span style=\"display:inherit;clear:left;\">designated for forecast foreign currency payments. The cumulative loss in other comprehensive income was reclassified to the initial </span><span style=\"display:inherit;clear:left;\">measurement of the non-financial item (consideration transferred) at the acquisition date. </span><span style=\"display:inherit;clear:left;\">Fair value of acquired net assets and goodwill</span><span style=\"display:inherit;clear:left;\">The purchase price allocation of the fair value of identified assets, liabilities and contingent liabilities has been completed within the </span><span style=\"display:inherit;clear:left;\">12-month period mandated by IFRS and resulted in adjustments, mainly of intangible assets and deferred tax. Acquired goodwill </span><span style=\"display:inherit;clear:left;\">totalling DKK 19,345m is not deductible for tax purposes.</span><span style=\"display:inherit;clear:left;\">Strategic partnership</span><span style=\"display:inherit;clear:left;\">A key rationale for completing the transaction was to acquire the UK and Ireland licences for the production, sales and distribution of </span><span style=\"display:inherit;clear:left;\">brands owned by PepsiCo, including Pepsi and 7UP. Revenues for these brands are generated by virtue of both the licences </span><span style=\"display:inherit;clear:left;\">themselves and the network of customers that Britvic has developed. The licensed brands are strong, internationally known brands </span><span style=\"display:inherit;clear:left;\">with very high brand equity that, together with the strong marketing execution by PepsiCo, have a positive impact on the Britvic </span><span style=\"display:inherit;clear:left;\">business in the UK and Ireland, and on Britvic as a whole. The strategic relationship with PepsiCo is fundamental to the acquisition of </span><span style=\"display:inherit;clear:left;\">the Britvic Group. Accordingly, the associated licence agreements with PepsiCo have been recognised as separately identifiable </span><span style=\"display:inherit;clear:left;\">intangible assets, as they represent the main source of value in the business combination (the primary asset). </span><span style=\"display:inherit;clear:left;\">The fair value of the licence agreements was calculated using a multi\u2011period excess earnings method, applying the future cash flows </span><span style=\"display:inherit;clear:left;\">specifically attributable to the licences after deducting required returns on all contributory assets involved and tax. The after\u2011tax </span><span style=\"display:inherit;clear:left;\">excess earnings were discounted using the weighted average cost of capital deemed specific to the asset, after which tax </span><span style=\"display:inherit;clear:left;\">amortisation benefit was added. The useful life is aligned with the duration of the licence agreements, which have a term of 15 years. </span><span style=\"display:inherit;clear:left;\">The key assumptions applied in the valuation include discount rates in the range of -6.8-8.8% and compounding annual growth rates </span><span style=\"display:inherit;clear:left;\">for free cash flows in the range of 3-9%. The fair value totalled DKK 8,650m.</span><span style=\"display:inherit;clear:left;\">Brands<span class=\"ff8 fc9\"> </span></span><span style=\"display:inherit;clear:left;\">The purchase price allocation resulted in the recognition of nine brands with indefinite useful life and 11 with finite useful life. For the </span><span style=\"display:inherit;clear:left;\">brands with finite useful life, a lifetime of 5-10 years was applied. The fair value of the brands was calculated using a relief from </span><span style=\"display:inherit;clear:left;\">royalty model. The model applied is consistent with the one used in impairment testing, and is described in further detail in section<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">2.3.3. The forecast revenues applied in the valuations have compounding annual growth rates in the range of <span class=\"_ _7\"></span>-6.8-9.0% and, for the </span><span style=\"display:inherit;clear:left;\">brands with indefinite useful life, terminal period growth rates in the range of 2-3%. The royalty rates applied were based on the </span><span style=\"display:inherit;clear:left;\">individual brands\u2019 characteristics, including brand profitability and expected future earnings potential, and were in the range of 3-6%. </span><span style=\"display:inherit;clear:left;\">The forecast cash flows were discounted using a weighted average cost of capital in the range of 6.8-11.5%, after which tax </span><span style=\"display:inherit;clear:left;\">amortisation benefit was added where relevant. The fair value of brands totalled DKK 4,436m, of which DKK 3,755m represented </span><span style=\"display:inherit;clear:left;\">brands deemed to have an indefinite useful life. </span><span style=\"display:inherit;clear:left;\">Customer relationships</span><span style=\"display:inherit;clear:left;\">The purchase price allocation resulted in recognition of customer relationships associated with on-trade customers of Britvic. No </span><span style=\"display:inherit;clear:left;\">separate value was identified for customers in the off-trade because this channel is almost exclusively driven by brand and price.</span><span style=\"display:inherit;clear:left;\">The fair value of the customer relationships was calculated using the distributor method, whereby the distributor margin derived from </span><span style=\"display:inherit;clear:left;\">distribution to the customers, adjusted for required returns on all contributory assets involved and tax, represents the excess earnings </span><span style=\"display:inherit;clear:left;\">specifically attributable to the relevant customer portfolio. The after\u2011tax excess earnings were discounted using a weighted average </span><span style=\"display:inherit;clear:left;\">cost of capital deemed specific to the asset, after which tax amortisation benefit was added where relevant. This is a common </span><span style=\"display:inherit;clear:left;\">approach in transactions where customer relationships are not identified to be the primary intangible asset. The useful life was </span><span style=\"display:inherit;clear:left;\">aligned with the licence agreement. The key assumptions applied in the valuation include discount rates in the range of 6.8-8.8% and </span><span style=\"display:inherit;clear:left;\">an after-tax distributor margin of 3%. The fair value totalled DKK 680m.</span><span style=\"display:inherit;clear:left;\">Property, plant and equipment </span><span style=\"display:inherit;clear:left;\">The fair value of land and buildings, and standard production and office equipment is based, as far as possible, on the fair value of </span><span style=\"display:inherit;clear:left;\">assets of similar type and condition that may be bought and sold in the open market. </span><span style=\"display:inherit;clear:left;\">Property, plant and equipment for which there is no reliable evidence of the fair value in the market (in particular production </span><span style=\"display:inherit;clear:left;\">equipment) are valued using the depreciated replacement method. This method is based on the replacement cost of a similar asset </span><span style=\"display:inherit;clear:left;\">with similar functionality and capacity. The calculated replacement cost is then reduced to reflect functional and physical </span><span style=\"display:inherit;clear:left;\">obsolescence. The expected synergies and the user-specific intentions for the expected use of assets are not included in the </span><span style=\"display:inherit;clear:left;\">determination of the fair value. </span><span style=\"display:inherit;clear:left;\">The fair value adjustments to property, plant and equipment totalled DKK 344m.</span><span style=\"display:inherit;clear:left;\">Financial impact of acquisition </span><span style=\"display:inherit;clear:left;\">In 2025, revenue and profit for the period included DKK 15,581m and DKK 521m respectively from the Britvic Group. Had the </span><span style=\"display:inherit;clear:left;\">acquisition been included in the income statement from 1 January 2025, revenue would have been DKK 16,132m and profit for the </span><span style=\"display:inherit;clear:left;\">period DKK 515m. </span><span style=\"display:inherit;clear:left;\">Receivables </span><span style=\"display:inherit;clear:left;\">Trade receivables include gross contractual amounts of DKK 3,946m, of which DKK 111m is expected to be uncollectible. </span><span style=\"display:inherit;clear:left;\">Other acquisitions</span><span style=\"display:inherit;clear:left;\">On 27 July 2025, the Group also acquired Raj Brewery Group (Nepal) for DKK 188m. The purchase price allocation of the fair value </span><span style=\"display:inherit;clear:left;\">of identified assets, liabilities and contingent liabilities has been completed and did not have a material impact on the Group\u2019s </span><span style=\"display:inherit;clear:left;\">financial statements. </span><span style=\"display:inherit;clear:left;\">Acquisitions</span><span style=\"display:inherit;clear:left;position:relative;height:390.484375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 569.126px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net assets and goodwill recognised</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Britvic Group</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 13.2363px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Gorkha Brewery</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 364.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,936</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,936</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">150</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,897</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,993</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">114</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Right-of-use assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 363.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">665</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">665</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 380.966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">767</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">767</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">47</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Inventories</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 397.283px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,832</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,834</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">71</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade and other receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,698</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,707</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">311</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 330.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">304</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">307</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">527</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.744px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 379.418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,099</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">110</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,209</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,220</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Borrowings and lease liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,265</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,285</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 346.641px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,170</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,170</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">330</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.486px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 407.711px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">189</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">189</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">350</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.361px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 376.166px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,612</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,625</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">208</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.236px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other payables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 376.605px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,407</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,409</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">492</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 259.994px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 370.4px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,643</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17,678</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,380</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.869px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquired net assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 350.807px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,456</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,531</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-160</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.861px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash consideration paid for acquired shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 238.225px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,704</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">188</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,892</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">249</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 310.736px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Basis adjustment from cash flow hedges</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.109px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 327.611px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value of previously held investment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 282.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,543</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 344.486px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange translation difference</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 283.506px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 361.244px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value of total consideration transferred</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 232.201px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,801</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">188</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,989</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,794</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 378.119px; width: 739.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill arising from the acquisition</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 267.897px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,345</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.0273px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19,458</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,954</span></span></span><span style=\"display:inherit;clear:left;\">Elements of cash consideration paid</span><span style=\"display:inherit;clear:left;position:relative;height:165.484375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 625.469px; top: 0.0097656px; width: 114.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 352.318px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Britvic Group</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 13.2363px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Gorkha Brewery</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.699px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consideration paid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 348.457px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-28,704</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-188</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-28,892</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-249</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Dividends paid to former shareholders</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 273.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-556</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-556</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 72.2363px; width: 356.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Settlement of share-based payment awards held by employees of the Britvic </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 85.7363px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Group</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 428.603px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 102.611px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents and bank overdrafts, acquired</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">117</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">527</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 119.369px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total cash consideration paid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29,164</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-185</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 53.1502px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29,349</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">278</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 136.361px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred consideration paid for acquisition in prior period</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-72</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-72</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-24</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 153.119px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total consideration transferred</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 288.703px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29,164</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-257</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-29,421</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">254</span></span></span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">Gorkha Brewery</span><span style=\"display:inherit;clear:left;\">In November 2024, the Group gained control of Gorkha Brewery (Nepal) through the acquisition of an additional 9.94% of the shares </span><span style=\"display:inherit;clear:left;\">in Gorkha Brewery, giving Carlsberg a 99.94% ownership interest, cf. section 5.2. The step acquisition of Gorkha Brewery was carried </span><span style=\"display:inherit;clear:left;\">out to obtain control of the business so as to further strengthen the Group\u2019s presence in central Asia and realise synergies by </span><span style=\"display:inherit;clear:left;\">collaborating with our business in India. </span><span style=\"display:inherit;clear:left;\">Consideration</span><span style=\"display:inherit;clear:left;\">The consideration transferred to acquire the outstanding shares in Gorkha Brewery amounted to DKK 249m. The total consideration </span><span style=\"display:inherit;clear:left;\">used for the calculation of goodwill included the fair value of the 90% shareholding held before obtaining control, which amounted </span><span style=\"display:inherit;clear:left;\">to DKK 1,543m. The business as a whole was remeasured at a fair value of DKK 1,794m. Net of reclassification of accumulated </span><span style=\"display:inherit;clear:left;\">currency exchange adjustment of DKK -44m, a gain of DKK 440m was recognised as part of special items, cf. section<span class=\"_ _7\"></span> 3.1. </span><span style=\"display:inherit;clear:left;\">The fair value of the shareholding held before obtaining control of Gorkha Brewery has been measured by an independent external </span><span style=\"display:inherit;clear:left;\">valuer at the net present value of expected future cash flows. The expected cash flows were based on business plans for the next </span><span style=\"display:inherit;clear:left;\">three years and projections for subsequent years prepared by local management. Key parameters were revenue growth, operating </span><span style=\"display:inherit;clear:left;\">margin, future capital expenditure and growth expectations beyond the forecast period. The forecast future cash flows were </span><span style=\"display:inherit;clear:left;\">discounted using a weighted average cost of capital (WACC) of 17.5%, an average annual growth rate in the forecast period of </span><span style=\"display:inherit;clear:left;\">around 2% and a terminal period growth rate of 5.4%.</span><span style=\"display:inherit;clear:left;\">Fair value of acquired net assets and goodwill</span><span style=\"display:inherit;clear:left;\">The purchase price allocation of the fair value of identified assets, liabilities and contingent liabilities has been completed within the </span><span style=\"display:inherit;clear:left;\">12-month period mandated by IFRS and resulted in adjustments, mainly of intangible assets property, plant and equipment, deferred </span><span style=\"display:inherit;clear:left;\">tax liabilities and provisions. Acquired goodwill totalling DKK 1,954m is not deductible for tax purposes. The completion of the </span><span style=\"display:inherit;clear:left;\">purchase price allocation resulted in the restatement of the statement of financial position, reducing equity by DKK 64m and </span><span style=\"display:inherit;clear:left;\">increasing total assets by DKK 664m. </span><span style=\"display:inherit;clear:left;\">Financial impact of acquisition </span><span style=\"display:inherit;clear:left;\">In 2024, revenue and profit for the period included DKK 36m and DKK 291m respectively from Gorkha Brewery, which included 11 </span><span style=\"display:inherit;clear:left;\">months\u2019 share of profit from associates. Had the acquisition been included in the income statement from 1 January 2024, revenue </span><span style=\"display:inherit;clear:left;\">would have been DKK 682m and profit for the period DKK 311m. </span><span style=\"display:inherit;clear:left;\">Receivables </span><span style=\"display:inherit;clear:left;\">Trade receivables include gross contractual amounts of DKK 186m, of which DKK 33m is expected to be uncollectible. </span><span style=\"display:inherit;clear:left;\">Other acquisitions</span><span style=\"display:inherit;clear:left;\">No other material enterprises or activities were acquired in 2024. </span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">Assessment of control </span><span style=\"display:inherit;clear:left;\">The classification of entities where Carlsberg controls less than 100% of the voting rights is based on an assessment of the </span><span style=\"display:inherit;clear:left;\">contractual and operational relationship between the parties. This includes assessing the conditions in shareholder agreements, </span><span style=\"display:inherit;clear:left;\">contracts etc. </span><span style=\"display:inherit;clear:left;\">Consideration is also given to the extent to which each party can govern the financial and operating policies of the entity, how the </span><span style=\"display:inherit;clear:left;\">operation of the entity is designed, and which party possesses the relevant knowledge and competences to operate the entity. </span><span style=\"display:inherit;clear:left;\">Another factor relevant to this assessment is the extent to which each of the parties can direct the activities and affect the returns, </span><span style=\"display:inherit;clear:left;\">for example by means of rights, reserved matters or casting votes. </span><span style=\"display:inherit;clear:left;\">Purchase price allocation procedures </span><span style=\"display:inherit;clear:left;\">For acquisitions of entities, the assets, liabilities and contingent liabilities of the acquiree are recognised using the acquisition </span><span style=\"display:inherit;clear:left;\">method in accordance with IFRS 3. The most significant assets acquired generally comprise goodwill, contract- and customer- </span><span style=\"display:inherit;clear:left;\">related intangible assets, brands, property, plant and equipment, receivables and inventories. </span><span style=\"display:inherit;clear:left;\">No active market exists for<span class=\"_ _7\"></span> the majority of the acquired assets and lia<span class=\"_ _7\"></span>bilities, in particular in respect of acqu<span class=\"_ _7\"></span>ired intangible assets. </span><span style=\"display:inherit;clear:left;\">Accordingly, management make<span class=\"_ _7\"></span>s estimates of the fair value of acquired as<span class=\"_ _7\"></span>sets, liabilities and contingent liabilities. D<span class=\"_ _7\"></span>epending on </span><span style=\"display:inherit;clear:left;\">the nature of the item, the d<span class=\"_ _7\"></span>etermined fair value of an item may be assoc<span class=\"_ _7\"></span>iated with uncertainty and possibly adjusted <span class=\"_ _7\"></span>subsequently. </span><span style=\"display:inherit;clear:left;\">The unallocated purchase price (positive amount) is recognised in the statement of financial position as goodwill and allocated to </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">the Group\u2019s cash-generating units.</span></span> </span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Acquisitions</span><span style=\"display:inherit;clear:left;\">The acquisition date is the date when the Group effectively obtains control of an acquired subsidiary or significant influence over </span><span style=\"display:inherit;clear:left;\">an\ue7feassociate. </span><span style=\"display:inherit;clear:left;\">The cost of a business combination comprises the fair value of the consideration agreed upon, including the fair value of any </span><span style=\"display:inherit;clear:left;\">consideration contingent on future events. </span><span style=\"display:inherit;clear:left;\">In a step acquisition, the Group gains control of an entity in which it already held a shareholding before gaining control. The </span><span style=\"display:inherit;clear:left;\">shareholding held before the step acquisition is remeasured at fair value at the acquisition date and added to the fair value of the </span><span style=\"display:inherit;clear:left;\">consideration paid for the shareholding acquired in the step acquisition, and accounted for as the total cost of the shareholding in </span><span style=\"display:inherit;clear:left;\">the acquired entity. The gain or loss on the remeasurement is recognised in the income statement under special items. </span><span style=\"display:inherit;clear:left;\">Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets and liabilities belonging to </span><span style=\"display:inherit;clear:left;\">the foreign entity and translated into the foreign entity\u2019s functional currency at the exchange rate at the transaction date. </span><span style=\"display:inherit;clear:left;\">The acquired entities\u2019 identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. </span><span style=\"display:inherit;clear:left;\">Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax on revaluations </span><span style=\"display:inherit;clear:left;\">is\ue7ferecognised. </span><span style=\"display:inherit;clear:left;\">The identifiable assets, liabilities and contingent liabilities on initial recognition at the acquisition date are subsequently adjusted up </span><span style=\"display:inherit;clear:left;\">until 12 months after the acquisition. The effect of the adjustments is recognised in the opening balance of equity, and the </span><span style=\"display:inherit;clear:left;\">comparative figures are restated accordingly if the amount is material. </span><span style=\"display:inherit;clear:left;\">Changes in estimates of deferred purchase considerations are recognised in the income statement under special items, unless they </span><span style=\"display:inherit;clear:left;\">qualify for recognition directly in equity. Cash flow to acquire subsidiaries is presented in financial investments and includes cash </span><span style=\"display:inherit;clear:left;\">and cash equivalents and bank overdrafts in the acquiree.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__188": {
   "value": "<span style=\"display:inherit;clear:left;\">Acquisitions</span><span style=\"display:inherit;clear:left;\">The acquisition date is the date when the Group effectively obtains control of an acquired subsidiary or significant influence over </span><span style=\"display:inherit;clear:left;\">an\ue7feassociate. </span><span style=\"display:inherit;clear:left;\">The cost of a business combination comprises the fair value of the consideration agreed upon, including the fair value of any </span><span style=\"display:inherit;clear:left;\">consideration contingent on future events. </span><span style=\"display:inherit;clear:left;\">In a step acquisition, the Group gains control of an entity in which it already held a shareholding before gaining control. The </span><span style=\"display:inherit;clear:left;\">shareholding held before the step acquisition is remeasured at fair value at the acquisition date and added to the fair value of the </span><span style=\"display:inherit;clear:left;\">consideration paid for the shareholding acquired in the step acquisition, and accounted for as the total cost of the shareholding in </span><span style=\"display:inherit;clear:left;\">the acquired entity. The gain or loss on the remeasurement is recognised in the income statement under special items. </span><span style=\"display:inherit;clear:left;\">Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets and liabilities belonging to </span><span style=\"display:inherit;clear:left;\">the foreign entity and translated into the foreign entity\u2019s functional currency at the exchange rate at the transaction date. </span><span style=\"display:inherit;clear:left;\">The acquired entities\u2019 identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. </span><span style=\"display:inherit;clear:left;\">Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax on revaluations </span><span style=\"display:inherit;clear:left;\">is\ue7ferecognised. </span><span style=\"display:inherit;clear:left;\">The identifiable assets, liabilities and contingent liabilities on initial recognition at the acquisition date are subsequently adjusted up </span><span style=\"display:inherit;clear:left;\">until 12 months after the acquisition. The effect of the adjustments is recognised in the opening balance of equity, and the </span><span style=\"display:inherit;clear:left;\">comparative figures are restated accordingly if the amount is material. </span><span style=\"display:inherit;clear:left;\">Changes in estimates of deferred purchase considerations are recognised in the income statement under special items, unless they </span><span style=\"display:inherit;clear:left;\">qualify for recognition directly in equity. Cash flow to acquire subsidiaries is presented in financial investments and includes cash </span><span style=\"display:inherit;clear:left;\">and cash equivalents and bank overdrafts in the acquiree.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__187": {
   "value": "<span style=\"display:inherit;clear:left;\">Acquisitions</span><span style=\"display:inherit;clear:left;\">The acquisition date is the date when the Group effectively obtains control of an acquired subsidiary or significant influence over </span><span style=\"display:inherit;clear:left;\">an\ue7feassociate. </span><span style=\"display:inherit;clear:left;\">The cost of a business combination comprises the fair value of the consideration agreed upon, including the fair value of any </span><span style=\"display:inherit;clear:left;\">consideration contingent on future events. </span><span style=\"display:inherit;clear:left;\">In a step acquisition, the Group gains control of an entity in which it already held a shareholding before gaining control. The </span><span style=\"display:inherit;clear:left;\">shareholding held before the step acquisition is remeasured at fair value at the acquisition date and added to the fair value of the </span><span style=\"display:inherit;clear:left;\">consideration paid for the shareholding acquired in the step acquisition, and accounted for as the total cost of the shareholding in </span><span style=\"display:inherit;clear:left;\">the acquired entity. The gain or loss on the remeasurement is recognised in the income statement under special items. </span><span style=\"display:inherit;clear:left;\">Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets and liabilities belonging to </span><span style=\"display:inherit;clear:left;\">the foreign entity and translated into the foreign entity\u2019s functional currency at the exchange rate at the transaction date. </span><span style=\"display:inherit;clear:left;\">The acquired entities\u2019 identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. </span><span style=\"display:inherit;clear:left;\">Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax on revaluations </span><span style=\"display:inherit;clear:left;\">is\ue7ferecognised. </span><span style=\"display:inherit;clear:left;\">The identifiable assets, liabilities and contingent liabilities on initial recognition at the acquisition date are subsequently adjusted up </span><span style=\"display:inherit;clear:left;\">until 12 months after the acquisition. The effect of the adjustments is recognised in the opening balance of equity, and the </span><span style=\"display:inherit;clear:left;\">comparative figures are restated accordingly if the amount is material. </span><span style=\"display:inherit;clear:left;\">Changes in estimates of deferred purchase considerations are recognised in the income statement under special items, unless they </span><span style=\"display:inherit;clear:left;\">qualify for recognition directly in equity. Cash flow to acquire subsidiaries is presented in financial investments and includes cash </span><span style=\"display:inherit;clear:left;\">and cash equivalents and bank overdrafts in the acquiree.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__190": {
   "value": "<span style=\"display:inherit;clear:left;\">Associates</span><span style=\"display:inherit;clear:left;\">Key figures for associates</span><span style=\"display:inherit;clear:left;position:relative;height:127.51171875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 615.826px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 454.886px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Group share</span></span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 532.984px; top: 20.6348px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 20.6348px; width: 28.0195px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 442.531px; top: 34.1348px; width: 29.4141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 490.844px; top: 34.1348px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 579.859px; top: 34.1348px; width: 72.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">comprehensive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 672.141px; top: 34.1348px; width: 70.6172px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Investments in </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.8965px; width: 24.3867px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 429.531px; top: 47.6348px; width: 40.793px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">after tax</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 525.375px; top: 47.6348px; width: 33.4863px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 616.016px; top: 47.6348px; width: 33.4863px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">income</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 47.6348px; width: 48.4629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">associates</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.7715px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 424.92px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">660</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">660</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,325</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 98.2598px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.396px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 428.603px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">616</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">616</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,546</span></span></span><span style=\"display:inherit;clear:left;\">Investments in associates mainly include the businesses in Portugal (60%), Myanmar (61%<span class=\"_ _7\"></span>), Carlsberg Byen in Denmark (25%) </span><span style=\"display:inherit;clear:left;\">and\ue7fefour associates in China (50%). The total investment in these associates amounted to DKK 2,800m<span class=\"_ _7\"></span> at 31 December 2025 </span><span style=\"display:inherit;clear:left;\">(2024:\ue7feDKK\ue7fe2,925m). </span><span style=\"display:inherit;clear:left;\">The Group\u2019s effective ownership of Super Bock Group, Portugal, is 60%. Nevertheless, Super Bock remains an associate of the Group </span><span style=\"display:inherit;clear:left;\">due to the ownership structure. Please refer to section 10 for further details.</span><span style=\"display:inherit;clear:left;\">Despite the 61% legal ownership share in Myanmar Carlsberg, the entity is classified as an associate due to the structure of the </span><span style=\"display:inherit;clear:left;\">agreement with the partner and the business environment in the country.</span><span style=\"display:inherit;clear:left;\">For associates in which the Group holds an ownership interest of less than 20% and participates in the management of the entity, </span><span style=\"display:inherit;clear:left;\">the Group is considered to be exercising significant influence. None of the associates are material to the Group.</span><span style=\"display:inherit;clear:left;\">2025</span><span style=\"display:inherit;clear:left;\">A deferred consideration of DKK 15m was paid in 2025 relating to the acquired 20% stake in the Danish craft brewer Mikkeller. </span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">The Group acquired a 20% stake in Mikkeller and entered into a sales and distribution agreement for the Danish market. The </span><span style=\"display:inherit;clear:left;\">purchase price was DKK 130m, of which DKK 15m was deferred to 2025.  </span><span style=\"display:inherit;clear:left;\">The Group acquired a minority stake in Brasserie du Pays Flamand for DKK 46m with the aim of accelerating the rollout of the </span><span style=\"display:inherit;clear:left;\">Anostek\u00e9 brand in France.</span><span style=\"display:inherit;clear:left;\">The Group gained control of the associate Gorkha Brewery through a step acquisition.</span><span style=\"display:inherit;clear:left;\">Fair value of investments in listed associates</span><span style=\"display:inherit;clear:left;position:relative;height:31.3515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">The Lion Brewery Ceylon, Sri Lanka</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 444.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">695</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">581</span></span></span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">On acquisition of non-controlling interests, i.e. subsequent to the Group obtaining control, acquired net assets are not measured at </span><span style=\"display:inherit;clear:left;\">fair value. The difference between the cost and the non-controlling interests\u2019 share of the total carrying amount is transferred from </span><span style=\"display:inherit;clear:left;\">the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot </span><span style=\"display:inherit;clear:left;\">exceed the non-controlling interests\u2019 share of equity immediately before the transaction. </span><span style=\"display:inherit;clear:left;\">On disposal of shareholdings to non-controlling interests, the difference between the sales price and the share of the total carrying </span><span style=\"display:inherit;clear:left;\">amount, including goodwill acquired by the non-controlling interests, is transferred from equity attributable to shareholders in </span><span style=\"display:inherit;clear:left;\">Carlsberg A/S to the non-controlling interests.</span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. </span><span style=\"display:inherit;clear:left;\">Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for </span><span style=\"display:inherit;clear:left;\">the Group\u2019s share of the profit or loss and other comprehensive income of the associate after the date of acquisition. The share of </span><span style=\"display:inherit;clear:left;\">the result must be calculated in accordance with the Group\u2019s accounting policies. The proportionate share of unrealised intra-group </span><span style=\"display:inherit;clear:left;\">profits and losses is eliminated. Investments in associates with negative net asset values are measured at DKK 0.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">If the Group has a legal or constructive obligation to cover a deficit in the associate, the deficit is recognised under provisions. Any </span><span style=\"display:inherit;clear:left;\">amounts owed by associates are written down to the extent that the amount owed is deemed irrecoverable. </span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__195": {
   "value": "<span style=\"display:inherit;clear:left;\">On acquisition of non-controlling interests, i.e. subsequent to the Group obtaining control, acquired net assets are not measured at </span><span style=\"display:inherit;clear:left;\">fair value. The difference between the cost and the non-controlling interests\u2019 share of the total carrying amount is transferred from </span><span style=\"display:inherit;clear:left;\">the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot </span><span style=\"display:inherit;clear:left;\">exceed the non-controlling interests\u2019 share of equity immediately before the transaction. </span><span style=\"display:inherit;clear:left;\">On disposal of shareholdings to non-controlling interests, the difference between the sales price and the share of the total carrying </span><span style=\"display:inherit;clear:left;\">amount, including goodwill acquired by the non-controlling interests, is transferred from equity attributable to shareholders in </span><span style=\"display:inherit;clear:left;\">Carlsberg A/S to the non-controlling interests.</span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. </span><span style=\"display:inherit;clear:left;\">Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for </span><span style=\"display:inherit;clear:left;\">the Group\u2019s share of the profit or loss and other comprehensive income of the associate after the date of acquisition. The share of </span><span style=\"display:inherit;clear:left;\">the result must be calculated in accordance with the Group\u2019s accounting policies. The proportionate share of unrealised intra-group </span><span style=\"display:inherit;clear:left;\">profits and losses is eliminated. Investments in associates with negative net asset values are measured at DKK 0.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">If the Group has a legal or constructive obligation to cover a deficit in the associate, the deficit is recognised under provisions. Any </span><span style=\"display:inherit;clear:left;\">amounts owed by associates are written down to the extent that the amount owed is deemed irrecoverable. </span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__193": {
   "value": "<span style=\"display:inherit;clear:left;\">On acquisition of non-controlling interests, i.e. subsequent to the Group obtaining control, acquired net assets are not measured at </span><span style=\"display:inherit;clear:left;\">fair value. The difference between the cost and the non-controlling interests\u2019 share of the total carrying amount is transferred from </span><span style=\"display:inherit;clear:left;\">the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot </span><span style=\"display:inherit;clear:left;\">exceed the non-controlling interests\u2019 share of equity immediately before the transaction. </span><span style=\"display:inherit;clear:left;\">On disposal of shareholdings to non-controlling interests, the difference between the sales price and the share of the total carrying </span><span style=\"display:inherit;clear:left;\">amount, including goodwill acquired by the non-controlling interests, is transferred from equity attributable to shareholders in </span><span style=\"display:inherit;clear:left;\">Carlsberg A/S to the non-controlling interests.</span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. </span><span style=\"display:inherit;clear:left;\">Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for </span><span style=\"display:inherit;clear:left;\">the Group\u2019s share of the profit or loss and other comprehensive income of the associate after the date of acquisition. The share of </span><span style=\"display:inherit;clear:left;\">the result must be calculated in accordance with the Group\u2019s accounting policies. The proportionate share of unrealised intra-group </span><span style=\"display:inherit;clear:left;\">profits and losses is eliminated. Investments in associates with negative net asset values are measured at DKK 0.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">If the Group has a legal or constructive obligation to cover a deficit in the associate, the deficit is recognised under provisions. Any </span><span style=\"display:inherit;clear:left;\">amounts owed by associates are written down to the extent that the amount owed is deemed irrecoverable. </span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__192": {
   "value": "<span style=\"display:inherit;clear:left;\">On acquisition of non-controlling interests, i.e. subsequent to the Group obtaining control, acquired net assets are not measured at </span><span style=\"display:inherit;clear:left;\">fair value. The difference between the cost and the non-controlling interests\u2019 share of the total carrying amount is transferred from </span><span style=\"display:inherit;clear:left;\">the non-controlling interests\u2019 share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot </span><span style=\"display:inherit;clear:left;\">exceed the non-controlling interests\u2019 share of equity immediately before the transaction. </span><span style=\"display:inherit;clear:left;\">On disposal of shareholdings to non-controlling interests, the difference between the sales price and the share of the total carrying </span><span style=\"display:inherit;clear:left;\">amount, including goodwill acquired by the non-controlling interests, is transferred from equity attributable to shareholders in </span><span style=\"display:inherit;clear:left;\">Carlsberg A/S to the non-controlling interests.</span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of non-controlling interests is presented in financing activities. </span><span style=\"display:inherit;clear:left;\">Investments in associates are recognised according to the equity method, which entails measurement at cost and adjustment for </span><span style=\"display:inherit;clear:left;\">the Group\u2019s share of the profit or loss and other comprehensive income of the associate after the date of acquisition. The share of </span><span style=\"display:inherit;clear:left;\">the result must be calculated in accordance with the Group\u2019s accounting policies. The proportionate share of unrealised intra-group </span><span style=\"display:inherit;clear:left;\">profits and losses is eliminated. Investments in associates with negative net asset values are measured at DKK 0.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">If the Group has a legal or constructive obligation to cover a deficit in the associate, the deficit is recognised under provisions. Any </span><span style=\"display:inherit;clear:left;\">amounts owed by associates are written down to the extent that the amount owed is deemed irrecoverable. </span><span style=\"display:inherit;clear:left;\">Cash flow to acquire or dispose of shareholdings in associates is presented in financial investments.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__197": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 5.3</span><span style=\"display:inherit;clear:left;\">Disposals and discontinued operations </span><span style=\"display:inherit;clear:left;\">Discontinued operations</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">On 4 December 2024, the Group completed the disposal of Baltika Breweries for a cash consideration of RUB 34bn and also received </span><span style=\"display:inherit;clear:left;\">Baltika Breweries\u2019 shareholdings in Carlsberg Azerbaijan and Carlsberg Kazakhstan<span class=\"_ _7\"></span>, cf. section 5.2. The resulting reversal of </span><span style=\"display:inherit;clear:left;\">impairment recognised in prior periods of DKK 2,258m was recognised in net result from discontinued operations.</span><span style=\"display:inherit;clear:left;\">Receipt of the shareholding in Carlsberg Azerbaijan did not have any impact on the consolidated financial statements, as the Group </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">had continued to consolidate the business.</span></span> </span><span style=\"display:inherit;clear:left;\">Disposals of entities </span><span style=\"display:inherit;clear:left;\">The Group did not dispose of any entities in 2025 (2024: two minor entities).</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The Group classifies non-current assets and disposal groups as held for sale when management assesses that their carrying </span><span style=\"display:inherit;clear:left;\">amounts will be recovered through a sale rather than continued use. Management\u2019s assessment is based on an evaluation of </span><span style=\"display:inherit;clear:left;\">whether a sale is highly probable and the asset or disposal group is available for immediate sale in its current condition. Actions </span><span style=\"display:inherit;clear:left;\">required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision </span><span style=\"display:inherit;clear:left;\">to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale must be expected to be </span><span style=\"display:inherit;clear:left;\">completed within one year from the date of the classification. </span><span style=\"display:inherit;clear:left;\">On classification, management estimates the fair value. Non-current assets and disposal groups classified as held for sale are </span><span style=\"display:inherit;clear:left;\">measured at the lower of their carrying amount and fair value less costs of disposal. Costs of disposal are the incremental costs </span><span style=\"display:inherit;clear:left;\">directly attributable to the disposal of an asset (disposal group), excluding financial expenses and income tax expenses. </span><span style=\"display:inherit;clear:left;\">Depending on the nature of the non-current assets and the disposal group\u2019s activity, assets and liabilities, the estimated fair value </span><span style=\"display:inherit;clear:left;\">may be associated with uncertainty and possibly adjusted subsequently. Measurement of the fair value of disposal groups is </span><span style=\"display:inherit;clear:left;\">categorised as level 3 in the fair value hierarchy, as measurement is not based on observable market data.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly </span><span style=\"display:inherit;clear:left;\">associated with the assets that will be transferred in the transaction. The classification is changed to assets and liabilities in </span><span style=\"display:inherit;clear:left;\">discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are </span><span style=\"display:inherit;clear:left;\">remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying </span><span style=\"display:inherit;clear:left;\">amount and fair value less costs to sell. Any impairment loss is allocated first to goodwill and then to remaining assets on a pro </span><span style=\"display:inherit;clear:left;\">rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which </span><span style=\"display:inherit;clear:left;\">continue to be measured in accordance with the Group\u2019s accounting policies. Property, plant and equipment and intangible assets </span><span style=\"display:inherit;clear:left;\">are not depreciated or amortised once classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in the </span><span style=\"display:inherit;clear:left;\">income statement. </span><span style=\"display:inherit;clear:left;\">Non-current assets and disposal groups held for sale are presented separately as current lines in the statement of financial position, </span><span style=\"display:inherit;clear:left;\">and the main elements are specified in this section. Comparative figures are not restated. </span><span style=\"display:inherit;clear:left;\">A disposal group is presented as discontinued operations if it is a group of companies, i.e. part of a geographical area of operations </span><span style=\"display:inherit;clear:left;\">that has either been disposed of or is classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Discontinued operations are excluded from the results of continuing operations and presented separately as profit/loss from </span><span style=\"display:inherit;clear:left;\">discontinued operations in the income statement. Comparative figures are restated. Cash flow from discontinued operations is </span><span style=\"display:inherit;clear:left;\">presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. </span><span style=\"display:inherit;clear:left;\">Comparative figures are restated. </span><span style=\"display:inherit;clear:left;\">Disposals and loss of control </span><span style=\"display:inherit;clear:left;\">Gains or losses on the disposal or liquidation of subsidiaries and associates are recognised as the difference between the sales price </span><span style=\"display:inherit;clear:left;\">and the carrying amount of net assets (including goodwill) at the date of disposal or liquidation, and net of foreign exchange </span><span style=\"display:inherit;clear:left;\">adjustments recognised in other comprehensive income, and costs to sell or liquidation expenses.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__196": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 5.3</span><span style=\"display:inherit;clear:left;\">Disposals and discontinued operations </span><span style=\"display:inherit;clear:left;\">Discontinued operations</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">On 4 December 2024, the Group completed the disposal of Baltika Breweries for a cash consideration of RUB 34bn and also received </span><span style=\"display:inherit;clear:left;\">Baltika Breweries\u2019 shareholdings in Carlsberg Azerbaijan and Carlsberg Kazakhstan<span class=\"_ _7\"></span>, cf. section 5.2. The resulting reversal of </span><span style=\"display:inherit;clear:left;\">impairment recognised in prior periods of DKK 2,258m was recognised in net result from discontinued operations.</span><span style=\"display:inherit;clear:left;\">Receipt of the shareholding in Carlsberg Azerbaijan did not have any impact on the consolidated financial statements, as the Group </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">had continued to consolidate the business.</span></span> </span><span style=\"display:inherit;clear:left;\">Disposals of entities </span><span style=\"display:inherit;clear:left;\">The Group did not dispose of any entities in 2025 (2024: two minor entities).</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The Group classifies non-current assets and disposal groups as held for sale when management assesses that their carrying </span><span style=\"display:inherit;clear:left;\">amounts will be recovered through a sale rather than continued use. Management\u2019s assessment is based on an evaluation of </span><span style=\"display:inherit;clear:left;\">whether a sale is highly probable and the asset or disposal group is available for immediate sale in its current condition. Actions </span><span style=\"display:inherit;clear:left;\">required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision </span><span style=\"display:inherit;clear:left;\">to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale must be expected to be </span><span style=\"display:inherit;clear:left;\">completed within one year from the date of the classification. </span><span style=\"display:inherit;clear:left;\">On classification, management estimates the fair value. Non-current assets and disposal groups classified as held for sale are </span><span style=\"display:inherit;clear:left;\">measured at the lower of their carrying amount and fair value less costs of disposal. Costs of disposal are the incremental costs </span><span style=\"display:inherit;clear:left;\">directly attributable to the disposal of an asset (disposal group), excluding financial expenses and income tax expenses. </span><span style=\"display:inherit;clear:left;\">Depending on the nature of the non-current assets and the disposal group\u2019s activity, assets and liabilities, the estimated fair value </span><span style=\"display:inherit;clear:left;\">may be associated with uncertainty and possibly adjusted subsequently. Measurement of the fair value of disposal groups is </span><span style=\"display:inherit;clear:left;\">categorised as level 3 in the fair value hierarchy, as measurement is not based on observable market data.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly </span><span style=\"display:inherit;clear:left;\">associated with the assets that will be transferred in the transaction. The classification is changed to assets and liabilities in </span><span style=\"display:inherit;clear:left;\">discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are </span><span style=\"display:inherit;clear:left;\">remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying </span><span style=\"display:inherit;clear:left;\">amount and fair value less costs to sell. Any impairment loss is allocated first to goodwill and then to remaining assets on a pro </span><span style=\"display:inherit;clear:left;\">rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which </span><span style=\"display:inherit;clear:left;\">continue to be measured in accordance with the Group\u2019s accounting policies. Property, plant and equipment and intangible assets </span><span style=\"display:inherit;clear:left;\">are not depreciated or amortised once classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in the </span><span style=\"display:inherit;clear:left;\">income statement. </span><span style=\"display:inherit;clear:left;\">Non-current assets and disposal groups held for sale are presented separately as current lines in the statement of financial position, </span><span style=\"display:inherit;clear:left;\">and the main elements are specified in this section. Comparative figures are not restated. </span><span style=\"display:inherit;clear:left;\">A disposal group is presented as discontinued operations if it is a group of companies, i.e. part of a geographical area of operations </span><span style=\"display:inherit;clear:left;\">that has either been disposed of or is classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Discontinued operations are excluded from the results of continuing operations and presented separately as profit/loss from </span><span style=\"display:inherit;clear:left;\">discontinued operations in the income statement. Comparative figures are restated. Cash flow from discontinued operations is </span><span style=\"display:inherit;clear:left;\">presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. </span><span style=\"display:inherit;clear:left;\">Comparative figures are restated. </span><span style=\"display:inherit;clear:left;\">Disposals and loss of control </span><span style=\"display:inherit;clear:left;\">Gains or losses on the disposal or liquidation of subsidiaries and associates are recognised as the difference between the sales price </span><span style=\"display:inherit;clear:left;\">and the carrying amount of net assets (including goodwill) at the date of disposal or liquidation, and net of foreign exchange </span><span style=\"display:inherit;clear:left;\">adjustments recognised in other comprehensive income, and costs to sell or liquidation expenses.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__198-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Discontinued operations</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">On 4 December 2024, the Group completed the disposal of Baltika Breweries for a cash consideration of RUB 34bn and also received </span><span style=\"display:inherit;clear:left;\">Baltika Breweries\u2019 shareholdings in Carlsberg Azerbaijan and Carlsberg Kazakhstan<span class=\"_ _7\"></span>, cf. section 5.2. The resulting reversal of </span><span style=\"display:inherit;clear:left;\">impairment recognised in prior periods of DKK 2,258m was recognised in net result from discontinued operations.</span><span style=\"display:inherit;clear:left;\">Receipt of the shareholding in Carlsberg Azerbaijan did not have any impact on the consolidated financial statements, as the Group </span><span style=\"display:inherit;clear:left;\">had continued to consolidate the business.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The Group classifies non-current assets and disposal groups as held for sale when management assesses that their carrying </span><span style=\"display:inherit;clear:left;\">amounts will be recovered through a sale rather than continued use. Management\u2019s assessment is based on an evaluation of </span><span style=\"display:inherit;clear:left;\">whether a sale is highly probable and the asset or disposal group is available for immediate sale in its current condition. Actions </span><span style=\"display:inherit;clear:left;\">required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision </span><span style=\"display:inherit;clear:left;\">to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale must be expected to be </span><span style=\"display:inherit;clear:left;\">completed within one year from the date of the classification. </span><span style=\"display:inherit;clear:left;\">On classification, management estimates the fair value. Non-current assets and disposal groups classified as held for sale are </span><span style=\"display:inherit;clear:left;\">measured at the lower of their carrying amount and fair value less costs of disposal. Costs of disposal are the incremental costs </span><span style=\"display:inherit;clear:left;\">directly attributable to the disposal of an asset (disposal group), excluding financial expenses and income tax expenses. </span><span style=\"display:inherit;clear:left;\">Depending on the nature of the non-current assets and the disposal group\u2019s activity, assets and liabilities, the estimated fair value </span><span style=\"display:inherit;clear:left;\">may be associated with uncertainty and possibly adjusted subsequently. Measurement of the fair value of disposal groups is </span><span style=\"display:inherit;clear:left;\">categorised as level 3 in the fair value hierarchy, as measurement is not based on observable market data.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly </span><span style=\"display:inherit;clear:left;\">associated with the assets that will be transferred in the transaction. The classification is changed to assets and liabilities in </span><span style=\"display:inherit;clear:left;\">discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are </span><span style=\"display:inherit;clear:left;\">remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying </span><span style=\"display:inherit;clear:left;\">amount and fair value less costs to sell. Any impairment loss is allocated first to goodwill and then to remaining assets on a pro </span><span style=\"display:inherit;clear:left;\">rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which </span><span style=\"display:inherit;clear:left;\">continue to be measured in accordance with the Group\u2019s accounting policies. Property, plant and equipment and intangible assets </span><span style=\"display:inherit;clear:left;\">are not depreciated or amortised once classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in the </span><span style=\"display:inherit;clear:left;\">income statement. </span><span style=\"display:inherit;clear:left;\">Non-current assets and disposal groups held for sale are presented separately as current lines in the statement of financial position, </span><span style=\"display:inherit;clear:left;\">and the main elements are specified in this section. Comparative figures are not restated. </span><span style=\"display:inherit;clear:left;\">A disposal group is presented as discontinued operations if it is a group of companies, i.e. part of a geographical area of operations </span><span style=\"display:inherit;clear:left;\">that has either been disposed of or is classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Discontinued operations are excluded from the results of continuing operations and presented separately as profit/loss from </span><span style=\"display:inherit;clear:left;\">discontinued operations in the income statement. Comparative figures are restated. Cash flow from discontinued operations is </span><span style=\"display:inherit;clear:left;\">presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. </span><span style=\"display:inherit;clear:left;\">Comparative figures are restated. </span><span style=\"display:inherit;clear:left;\">Disposals and loss of control </span><span style=\"display:inherit;clear:left;\">Gains or losses on the disposal or liquidation of subsidiaries and associates are recognised as the difference between the sales price </span><span style=\"display:inherit;clear:left;\">and the carrying amount of net assets (including goodwill) at the date of disposal or liquidation, and net of foreign exchange </span><span style=\"display:inherit;clear:left;\">adjustments recognised in other comprehensive income, and costs to sell or liquidation expenses.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__202": {
   "value": "<span style=\"display:inherit;clear:left;\">Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly </span><span style=\"display:inherit;clear:left;\">associated with the assets that will be transferred in the transaction. The classification is changed to assets and liabilities in </span><span style=\"display:inherit;clear:left;\">discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are </span><span style=\"display:inherit;clear:left;\">remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying </span><span style=\"display:inherit;clear:left;\">amount and fair value less costs to sell. Any impairment loss is allocated first to goodwill and then to remaining assets on a pro </span><span style=\"display:inherit;clear:left;\">rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which </span><span style=\"display:inherit;clear:left;\">continue to be measured in accordance with the Group\u2019s accounting policies. Property, plant and equipment and intangible assets </span><span style=\"display:inherit;clear:left;\">are not depreciated or amortised once classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in the </span><span style=\"display:inherit;clear:left;\">income statement. </span><span style=\"display:inherit;clear:left;\">Non-current assets and disposal groups held for sale are presented separately as current lines in the statement of financial position, </span><span style=\"display:inherit;clear:left;\">and the main elements are specified in this section. Comparative figures are not restated. </span><span style=\"display:inherit;clear:left;\">A disposal group is presented as discontinued operations if it is a group of companies, i.e. part of a geographical area of operations </span><span style=\"display:inherit;clear:left;\">that has either been disposed of or is classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Discontinued operations are excluded from the results of continuing operations and presented separately as profit/loss from </span><span style=\"display:inherit;clear:left;\">discontinued operations in the income statement. Comparative figures are restated. Cash flow from discontinued operations is </span><span style=\"display:inherit;clear:left;\">presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. </span><span style=\"display:inherit;clear:left;\">Comparative figures are restated. </span><span style=\"display:inherit;clear:left;\">Disposals and loss of control </span><span style=\"display:inherit;clear:left;\">Gains or losses on the disposal or liquidation of subsidiaries and associates are recognised as the difference between the sales price </span><span style=\"display:inherit;clear:left;\">and the carrying amount of net assets (including goodwill) at the date of disposal or liquidation, and net of foreign exchange </span><span style=\"display:inherit;clear:left;\">adjustments recognised in other comprehensive income, and costs to sell or liquidation expenses.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__201": {
   "value": "<span style=\"display:inherit;clear:left;\">Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly </span><span style=\"display:inherit;clear:left;\">associated with the assets that will be transferred in the transaction. The classification is changed to assets and liabilities in </span><span style=\"display:inherit;clear:left;\">discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are </span><span style=\"display:inherit;clear:left;\">remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying </span><span style=\"display:inherit;clear:left;\">amount and fair value less costs to sell. Any impairment loss is allocated first to goodwill and then to remaining assets on a pro </span><span style=\"display:inherit;clear:left;\">rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which </span><span style=\"display:inherit;clear:left;\">continue to be measured in accordance with the Group\u2019s accounting policies. Property, plant and equipment and intangible assets </span><span style=\"display:inherit;clear:left;\">are not depreciated or amortised once classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in the </span><span style=\"display:inherit;clear:left;\">income statement. </span><span style=\"display:inherit;clear:left;\">Non-current assets and disposal groups held for sale are presented separately as current lines in the statement of financial position, </span><span style=\"display:inherit;clear:left;\">and the main elements are specified in this section. Comparative figures are not restated. </span><span style=\"display:inherit;clear:left;\">A disposal group is presented as discontinued operations if it is a group of companies, i.e. part of a geographical area of operations </span><span style=\"display:inherit;clear:left;\">that has either been disposed of or is classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Discontinued operations are excluded from the results of continuing operations and presented separately as profit/loss from </span><span style=\"display:inherit;clear:left;\">discontinued operations in the income statement. Comparative figures are restated. Cash flow from discontinued operations is </span><span style=\"display:inherit;clear:left;\">presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. </span><span style=\"display:inherit;clear:left;\">Comparative figures are restated. </span><span style=\"display:inherit;clear:left;\">Disposals and loss of control </span><span style=\"display:inherit;clear:left;\">Gains or losses on the disposal or liquidation of subsidiaries and associates are recognised as the difference between the sales price </span><span style=\"display:inherit;clear:left;\">and the carrying amount of net assets (including goodwill) at the date of disposal or liquidation, and net of foreign exchange </span><span style=\"display:inherit;clear:left;\">adjustments recognised in other comprehensive income, and costs to sell or liquidation expenses.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__200": {
   "value": "<span style=\"display:inherit;clear:left;\">Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly </span><span style=\"display:inherit;clear:left;\">associated with the assets that will be transferred in the transaction. The classification is changed to assets and liabilities in </span><span style=\"display:inherit;clear:left;\">discontinued operations respectively. Immediately before classification as held for sale, the assets or disposal groups are </span><span style=\"display:inherit;clear:left;\">remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying </span><span style=\"display:inherit;clear:left;\">amount and fair value less costs to sell. Any impairment loss is allocated first to goodwill and then to remaining assets on a pro </span><span style=\"display:inherit;clear:left;\">rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which </span><span style=\"display:inherit;clear:left;\">continue to be measured in accordance with the Group\u2019s accounting policies. Property, plant and equipment and intangible assets </span><span style=\"display:inherit;clear:left;\">are not depreciated or amortised once classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in the </span><span style=\"display:inherit;clear:left;\">income statement. </span><span style=\"display:inherit;clear:left;\">Non-current assets and disposal groups held for sale are presented separately as current lines in the statement of financial position, </span><span style=\"display:inherit;clear:left;\">and the main elements are specified in this section. Comparative figures are not restated. </span><span style=\"display:inherit;clear:left;\">A disposal group is presented as discontinued operations if it is a group of companies, i.e. part of a geographical area of operations </span><span style=\"display:inherit;clear:left;\">that has either been disposed of or is classified as held for sale. </span><span style=\"display:inherit;clear:left;\">Discontinued operations are excluded from the results of continuing operations and presented separately as profit/loss from </span><span style=\"display:inherit;clear:left;\">discontinued operations in the income statement. Comparative figures are restated. Cash flow from discontinued operations is </span><span style=\"display:inherit;clear:left;\">presented separately as net cash flow from discontinued operations in the statement of cash flows and specified in this section. </span><span style=\"display:inherit;clear:left;\">Comparative figures are restated. </span><span style=\"display:inherit;clear:left;\">Disposals and loss of control </span><span style=\"display:inherit;clear:left;\">Gains or losses on the disposal or liquidation of subsidiaries and associates are recognised as the difference between the sales price </span><span style=\"display:inherit;clear:left;\">and the carrying amount of net assets (including goodwill) at the date of disposal or liquidation, and net of foreign exchange </span><span style=\"display:inherit;clear:left;\">adjustments recognised in other comprehensive income, and costs to sell or liquidation expenses.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__203": {
   "value": "<span style=\"display:inherit;clear:left;\">SECTION 6</span><span style=\"display:inherit;clear:left;\">TAX</span><span style=\"display:inherit;clear:left;\">The effective tax rate (ETR) for the year is 22.9% (2024: 19.8%). ETR is impacted by non-</span><span style=\"display:inherit;clear:left;\">deductible expenses and non-capitalised tax assets. </span><span style=\"display:inherit;clear:left;\">Section 6.1</span><span style=\"display:inherit;clear:left;\">Income tax</span><span style=\"display:inherit;clear:left;\">Reconciliation of the effective tax rate for the year</span><span style=\"display:inherit;clear:left;position:relative;height:221.734375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 393.109px; top: 0.0097656px; width: 249.404px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 200.602px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 391.703px; top: 21.3848px; width: 347.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Nominal weighted tax rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 259.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20.2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,830</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,966</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in tax rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-147</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Adjustments to tax for prior years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 234.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">164</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-capitalised tax assets and liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 201.047px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2.7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-242</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3.7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-367</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-taxable income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 289.348px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-0.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-0.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-55</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-deductible expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 273.715px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7.2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">656</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">297</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tax incentives etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 302.467px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1.0</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-94</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-146</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 327.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Withholding taxes</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 304.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.0</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">182</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">259</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other, including tax in associates</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 238.681px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-157</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.369px; width: 739.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Effective tax rate for the year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22.9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,072</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.6446px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,982</span></span></span><span style=\"display:inherit;clear:left;\">The nominal weighted tax rate for the Group is calculated as the domestic tax rates applicable to profits in the entities as a </span><span style=\"display:inherit;clear:left;\">proportion of each entity\u2019s share of the Group\u2019s profit before tax.</span><span style=\"display:inherit;clear:left;\">The Group\u2019s total tax cost was impacted by non-deductible expenses, mainly related to interest deductibility restrictions on the debt </span><span style=\"display:inherit;clear:left;\">from the Britvic acquisition and decreased withholding tax expenses, resulting in an effective tax rate of <span class=\"_ _7\"></span>22.9% (2024: 19.8%). </span><span style=\"display:inherit;clear:left;\">The impact from non-recurring items primarily comprised movement in uncertain tax positions and the effect of a change in the tax </span><span style=\"display:inherit;clear:left;\">rate on deferred taxes.</span><span style=\"display:inherit;clear:left;\">The Gr<span class=\"_ _7\"></span>oup is n<span class=\"_ _7\"></span>ot expec<span class=\"_ _7\"></span>ted to b<span class=\"_ _7\"></span>e materi<span class=\"_ _7\"></span>ally imp<span class=\"_ _7\"></span>acted by<span class=\"_ _7\"></span> the OEC<span class=\"_ _7\"></span>D/EU Pil<span class=\"_ _7\"></span>lar Two <span class=\"_ _7\"></span>Model Ru<span class=\"_ _7\"></span>les and <span class=\"_ _7\"></span>their lo<span class=\"_ _7\"></span>cal impl<span class=\"_ _7\"></span>ementati<span class=\"_ _7\"></span>on. Most </span><span style=\"display:inherit;clear:left;\">count<span class=\"_ _7\"></span>ries wher<span class=\"_ _7\"></span>e the Gr<span class=\"_ _7\"></span>oup has <span class=\"_ _7\"></span>operatio<span class=\"_ _7\"></span>ns impos<span class=\"_ _7\"></span>e taxati<span class=\"_ _7\"></span>on in ex<span class=\"_ _7\"></span>cess of 1<span class=\"_ _7\"></span>5%, and <span class=\"_ _7\"></span>the rema<span class=\"_ _7\"></span>inder ar<span class=\"_ _7\"></span>e expect<span class=\"_ _7\"></span>ed to in<span class=\"_ _7\"></span>crease t<span class=\"_ _7\"></span>he tax r<span class=\"_ _7\"></span>ate </span><span style=\"display:inherit;clear:left;\">such t<span class=\"_ _7\"></span>hat all <span class=\"_ _7\"></span>markets <span class=\"_ _7\"></span>not cove<span class=\"_ _7\"></span>red by t<span class=\"_ _7\"></span>he trans<span class=\"_ _7\"></span>itional <span class=\"_ _7\"></span>safe har<span class=\"_ _7\"></span>bour rul<span class=\"_ _7\"></span>es are st<span class=\"_ _7\"></span>ill expe<span class=\"_ _7\"></span>cted to <span class=\"_ _7\"></span>show an <span class=\"_ _7\"></span>effectiv<span class=\"_ _7\"></span>e tax ra<span class=\"_ _7\"></span>te in ex<span class=\"_ _7\"></span>cess of 1<span class=\"_ _7\"></span>5%. </span><span style=\"display:inherit;clear:left;\">As suc<span class=\"_ _7\"></span>h, these<span class=\"_ _7\"></span> rules a<span class=\"_ _7\"></span>re not e<span class=\"_ _7\"></span>xpected <span class=\"_ _7\"></span>to resul<span class=\"_ _7\"></span>t in eith<span class=\"_ _7\"></span>er mate<span class=\"_ _7\"></span>rially in<span class=\"_ _7\"></span>creased <span class=\"_ _7\"></span>tax paym<span class=\"_ _7\"></span>ents or <span class=\"_ _7\"></span>a change<span class=\"_ _7\"></span> to the <span class=\"_ _7\"></span>Group\u2019s <span class=\"_ _7\"></span>effectiv<span class=\"_ _7\"></span>e tax ra<span class=\"_ _7\"></span>te. </span><span style=\"display:inherit;clear:left;\">Income tax</span><span style=\"display:inherit;clear:left;position:relative;height:200.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 326.438px; top: 0.0097656px; width: 294.393px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 32.7441px; width: 85.8281px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other comprehen-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 385.781px; top: 32.7441px; width: 84.1816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total comprehen-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 564.609px; top: 32.7441px; width: 85.8281px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other comprehen-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 655.781px; top: 32.7441px; width: 84.1816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total comprehen-</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 46.2441px; width: 289.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 149.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Income statement</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 325.391px; top: 46.2441px; width: 54.3398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">sive income</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 414.469px; top: 46.2441px; width: 144.539px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">sive income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 5.68358px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Income statement</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 596.016px; top: 46.2441px; width: 54.3398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">sive income</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 684.812px; top: 46.2441px; width: 54.3398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">sive income</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 63.1191px; width: 170.314px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tax for the year can be specified as </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 76.6191px; width: 34.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">follows</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 93.6113px; width: 739.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current tax</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 214.371px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,732</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,727</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,332</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-57</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,275</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 110.486px; width: 202.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in deferred tax and non-current tax </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.986px; width: 739.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">payables during the year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-525</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">82</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-443</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-514</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-500</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.861px; width: 170.531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Change in deferred tax as a result of </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.361px; width: 739.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">change in tax rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.701px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-147</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-147</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.236px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Adjustments to tax for prior years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 125.303px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">164</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">164</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 187.994px; width: 739.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 238.225px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,072</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">77</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,149</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,982</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,939</span></span></span><span style=\"display:inherit;clear:left;\">Tax recognised in other comprehensive income</span><span style=\"display:inherit;clear:left;position:relative;height:126.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 326.438px; top: 0.0097656px; width: 294.393px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 213.25px; top: 32.7441px; width: 80.1211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Recognised item </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 320.625px; top: 32.7441px; width: 61.7871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tax income/ </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 482.625px; top: 32.7441px; width: 80.1211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Recognised item </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 590.891px; top: 32.7441px; width: 61.7871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tax income/ </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 46.2441px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 241.219px; top: 46.2441px; width: 48.5156px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">before tax</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 341.422px; top: 46.2441px; width: 128.051px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">expense</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.4143px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">After tax</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 511.156px; top: 46.2441px; width: 48.5156px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">before tax</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 610.688px; top: 46.2441px; width: 128.051px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">expense</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.4143px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">After tax</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 63.2363px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,250</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,250</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-874</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-874</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 80.1113px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hedging instruments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-291</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-262</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-30</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 96.9863px; width: 739.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit obligations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.738px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-234</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">48</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-186</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">83</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 113.744px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 239.162px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,725</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">77</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,802</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-780</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-823</span></span></span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Income tax comprises current tax and changes in deferred tax for the year, including changes as a result of a change in the tax rate. </span><span style=\"display:inherit;clear:left;\">The tax expense relating to the profit/loss for the year is recognised in the income statement, while the tax expense relating to </span><span style=\"display:inherit;clear:left;\">items recognised in other comprehensive income is recognised in the statement of comprehensive income.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__204": {
   "value": "<span style=\"display:inherit;clear:left;\">Income tax comprises current tax and changes in deferred tax for the year, including changes as a result of a change in the tax rate. </span><span style=\"display:inherit;clear:left;\">The tax expense relating to the profit/loss for the year is recognised in the income statement, while the tax expense relating to </span><span style=\"display:inherit;clear:left;\">items recognised in other comprehensive income is recognised in the statement of comprehensive income.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__207": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 6.2</span><span style=\"display:inherit;clear:left;\">Deferred tax assets and liabilities</span><span style=\"display:inherit;clear:left;\">Of the total deferred tax assets recognised, DKK 721m (2024: DKK 367m) relates to tax losses carried forward, the utilisation of </span><span style=\"display:inherit;clear:left;\">which depends on future positive taxable income exceeding the realised deferred tax liabilities.<span class=\"_ _7\"></span> It is management\u2019s opinion that these </span><span style=\"display:inherit;clear:left;\">tax losses carried forward can be utilised within the foreseeable future.</span><span style=\"display:inherit;clear:left;\">Tax assets not recognised of DKK 709m (2024: DKK 1,075m) primarily relate to tax losses that are not expected to be utilised in the </span><span style=\"display:inherit;clear:left;\">foreseeable future. Tax losses that will not expire amounted to DKK 1,151m (2024: D<span class=\"_ _7\"></span>KK 1,123m).</span><span style=\"display:inherit;clear:left;\">Distribution of reserves in other subsidiaries will not trigger a significant tax liability based on current tax legislation.</span><span style=\"display:inherit;clear:left;\">Specification of deferred tax</span><span style=\"display:inherit;clear:left;position:relative;height:289.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 359.953px; top: 0.0097656px; width: 322.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.272px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Deferred tax liabilities</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.615px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.873px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">141</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">143</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,914</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,943</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 244.406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">422</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">362</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,783</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,266</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current assets and liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 251.701px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,222</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,147</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions and retirement benefit obligations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.156px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">678</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">647</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,131</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,465</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.734px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 288.703px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">159</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tax losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 340.775px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">721</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">367</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 360.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">190</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">198</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.744px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total before offset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.857px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,393</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,901</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,557</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,926</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Offset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 351.92px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-882</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-845</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-882</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-845</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.494px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax assets and liabilities at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 149.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,056</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,675</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,081</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.244px; width: 145.828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected to be used as follows</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.236px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Within one year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 304.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">454</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">258</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.111px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">After more than one year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 262.465px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,463</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">835</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,823</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.869px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 356.004px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,056</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,675</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,081</span></span></span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The Group recognises deferred tax assets, including the expected tax value of tax losses carried forward, if management assesses </span><span style=\"display:inherit;clear:left;\">this can be offset against positive taxable income in the foreseeable future, typically 1-5 years. This assessment is made annually </span><span style=\"display:inherit;clear:left;\">and based on budgets and business plans for the coming years, including planned commercial initiatives under our control. </span><span style=\"display:inherit;clear:left;\">Carlsberg operates in a large number of tax jurisdictions where tax legislation is highly complex and subject to interpretation. </span><span style=\"display:inherit;clear:left;\">Management assesses uncertain tax positions to ensure recognition and measurement of tax assets and liabilities.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Cur<span class=\"_ _7\"></span>ren<span class=\"_ _7\"></span>t i<span class=\"_ _7\"></span>ncom<span class=\"_ _7\"></span>e t<span class=\"_ _7\"></span>ax <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> li<span class=\"_ _7\"></span>abil<span class=\"_ _7\"></span>iti<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>mea<span class=\"_ _7\"></span>sur<span class=\"_ _7\"></span>ed a<span class=\"_ _7\"></span>t t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>amou<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>exp<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span>ed t<span class=\"_ _7\"></span>o b<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>ecov<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>d f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>pai<span class=\"_ _7\"></span>d to<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e t<span class=\"_ _7\"></span>axa<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> au<span class=\"_ _7\"></span>tho<span class=\"_ _7\"></span>riti<span class=\"_ _7\"></span>es.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using </span><span style=\"display:inherit;clear:left;\">the balance sheet liability method. However, deferred tax is not recognised on temporary differences relating to goodwill that is not </span><span style=\"display:inherit;clear:left;\">deductible for tax purposes or on office premises and other items where temporary differences, apart from business combinations, </span><span style=\"display:inherit;clear:left;\">arise at the acquisition date without affecting either profit/loss for the year or taxable income. </span><span style=\"display:inherit;clear:left;\">Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the </span><span style=\"display:inherit;clear:left;\">asset or settlement of the liability. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets related to tax losses carried forward are recognised at the expected value of their utilisation, or as a set-off </span><span style=\"display:inherit;clear:left;\">against deferred tax liabilities in the same legal tax entity and jurisdiction. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax </span><span style=\"display:inherit;clear:left;\">assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised. </span><span style=\"display:inherit;clear:left;\">Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is </span><span style=\"display:inherit;clear:left;\">expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income </span><span style=\"display:inherit;clear:left;\">statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income. </span><span style=\"display:inherit;clear:left;\">Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model </span><span style=\"display:inherit;clear:left;\">Rules and their local implementation.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__205": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 6.2</span><span style=\"display:inherit;clear:left;\">Deferred tax assets and liabilities</span><span style=\"display:inherit;clear:left;\">Of the total deferred tax assets recognised, DKK 721m (2024: DKK 367m) relates to tax losses carried forward, the utilisation of </span><span style=\"display:inherit;clear:left;\">which depends on future positive taxable income exceeding the realised deferred tax liabilities.<span class=\"_ _7\"></span> It is management\u2019s opinion that these </span><span style=\"display:inherit;clear:left;\">tax losses carried forward can be utilised within the foreseeable future.</span><span style=\"display:inherit;clear:left;\">Tax assets not recognised of DKK 709m (2024: DKK 1,075m) primarily relate to tax losses that are not expected to be utilised in the </span><span style=\"display:inherit;clear:left;\">foreseeable future. Tax losses that will not expire amounted to DKK 1,151m (2024: D<span class=\"_ _7\"></span>KK 1,123m).</span><span style=\"display:inherit;clear:left;\">Distribution of reserves in other subsidiaries will not trigger a significant tax liability based on current tax legislation.</span><span style=\"display:inherit;clear:left;\">Specification of deferred tax</span><span style=\"display:inherit;clear:left;position:relative;height:289.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 359.953px; top: 0.0097656px; width: 322.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.272px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Deferred tax liabilities</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 321.615px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Intangible assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.873px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">141</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">143</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,914</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,943</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.822px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 244.406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">422</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">362</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,783</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,266</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current assets and liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 251.701px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,222</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,147</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">96</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Provisions and retirement benefit obligations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.156px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">678</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">647</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,131</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,465</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.734px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 288.703px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">159</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tax losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 340.775px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">721</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">367</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.014px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 360.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">190</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">198</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.623px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">58</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.744px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total before offset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.857px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,393</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,901</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,557</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,926</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Offset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 351.92px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-882</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-845</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-882</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.0545px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-845</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.494px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax assets and liabilities at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 149.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,056</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,675</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,081</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.244px; width: 145.828px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected to be used as follows</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.236px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Within one year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 304.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.6366px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">454</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">258</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.111px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">After more than one year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 262.465px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,463</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">835</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.5665px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,221</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,823</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.869px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 356.004px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,511</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,056</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,675</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,081</span></span></span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The Group recognises deferred tax assets, including the expected tax value of tax losses carried forward, if management assesses </span><span style=\"display:inherit;clear:left;\">this can be offset against positive taxable income in the foreseeable future, typically 1-5 years. This assessment is made annually </span><span style=\"display:inherit;clear:left;\">and based on budgets and business plans for the coming years, including planned commercial initiatives under our control. </span><span style=\"display:inherit;clear:left;\">Carlsberg operates in a large number of tax jurisdictions where tax legislation is highly complex and subject to interpretation. </span><span style=\"display:inherit;clear:left;\">Management assesses uncertain tax positions to ensure recognition and measurement of tax assets and liabilities.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Cur<span class=\"_ _7\"></span>ren<span class=\"_ _7\"></span>t i<span class=\"_ _7\"></span>ncom<span class=\"_ _7\"></span>e t<span class=\"_ _7\"></span>ax <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> li<span class=\"_ _7\"></span>abil<span class=\"_ _7\"></span>iti<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>mea<span class=\"_ _7\"></span>sur<span class=\"_ _7\"></span>ed a<span class=\"_ _7\"></span>t t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>amou<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>exp<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span>ed t<span class=\"_ _7\"></span>o b<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>ecov<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>d f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>pai<span class=\"_ _7\"></span>d to<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e t<span class=\"_ _7\"></span>axa<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> au<span class=\"_ _7\"></span>tho<span class=\"_ _7\"></span>riti<span class=\"_ _7\"></span>es.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using </span><span style=\"display:inherit;clear:left;\">the balance sheet liability method. However, deferred tax is not recognised on temporary differences relating to goodwill that is not </span><span style=\"display:inherit;clear:left;\">deductible for tax purposes or on office premises and other items where temporary differences, apart from business combinations, </span><span style=\"display:inherit;clear:left;\">arise at the acquisition date without affecting either profit/loss for the year or taxable income. </span><span style=\"display:inherit;clear:left;\">Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the </span><span style=\"display:inherit;clear:left;\">asset or settlement of the liability. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets related to tax losses carried forward are recognised at the expected value of their utilisation, or as a set-off </span><span style=\"display:inherit;clear:left;\">against deferred tax liabilities in the same legal tax entity and jurisdiction. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax </span><span style=\"display:inherit;clear:left;\">assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised. </span><span style=\"display:inherit;clear:left;\">Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is </span><span style=\"display:inherit;clear:left;\">expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income </span><span style=\"display:inherit;clear:left;\">statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income. </span><span style=\"display:inherit;clear:left;\">Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model </span><span style=\"display:inherit;clear:left;\">Rules and their local implementation.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__206": {
   "value": "<span style=\"display:inherit;clear:left;\">Cur<span class=\"_ _7\"></span>ren<span class=\"_ _7\"></span>t i<span class=\"_ _7\"></span>ncom<span class=\"_ _7\"></span>e t<span class=\"_ _7\"></span>ax <span class=\"_ _7\"></span>ass<span class=\"_ _7\"></span>ets <span class=\"_ _7\"></span>and<span class=\"_ _7\"></span> li<span class=\"_ _7\"></span>abil<span class=\"_ _7\"></span>iti<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>are <span class=\"_ _7\"></span>mea<span class=\"_ _7\"></span>sur<span class=\"_ _7\"></span>ed a<span class=\"_ _7\"></span>t t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>amou<span class=\"_ _7\"></span>nt <span class=\"_ _7\"></span>exp<span class=\"_ _7\"></span>ect<span class=\"_ _7\"></span>ed t<span class=\"_ _7\"></span>o b<span class=\"_ _7\"></span>e r<span class=\"_ _7\"></span>ecov<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span>d f<span class=\"_ _7\"></span>rom <span class=\"_ _7\"></span>or <span class=\"_ _7\"></span>pai<span class=\"_ _7\"></span>d to<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e t<span class=\"_ _7\"></span>axa<span class=\"_ _7\"></span>tion<span class=\"_ _7\"></span> au<span class=\"_ _7\"></span>tho<span class=\"_ _7\"></span>riti<span class=\"_ _7\"></span>es.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using </span><span style=\"display:inherit;clear:left;\">the balance sheet liability method. However, deferred tax is not recognised on temporary differences relating to goodwill that is not </span><span style=\"display:inherit;clear:left;\">deductible for tax purposes or on office premises and other items where temporary differences, apart from business combinations, </span><span style=\"display:inherit;clear:left;\">arise at the acquisition date without affecting either profit/loss for the year or taxable income. </span><span style=\"display:inherit;clear:left;\">Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on the planned use of the </span><span style=\"display:inherit;clear:left;\">asset or settlement of the liability. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets related to tax losses carried forward are recognised at the expected value of their utilisation, or as a set-off </span><span style=\"display:inherit;clear:left;\">against deferred tax liabilities in the same legal tax entity and jurisdiction. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax </span><span style=\"display:inherit;clear:left;\">assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. </span><span style=\"display:inherit;clear:left;\">Deferred tax assets are recognised only to the extent that it is probable that the assets will be utilised. </span><span style=\"display:inherit;clear:left;\">Deferred tax is measured according to the tax rules at the reporting date and at the tax rates applicable when the deferred tax is </span><span style=\"display:inherit;clear:left;\">expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income </span><span style=\"display:inherit;clear:left;\">statement. Changes to deferred tax on items recognised in other comprehensive income are, however, recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income. </span><span style=\"display:inherit;clear:left;\">Carlsberg has applied the exception to recognise and disclose information about deferred tax in the OECD/EU Pillar Two Model </span><span style=\"display:inherit;clear:left;\">Rules and their local implementation.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__212": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 7.1</span><span style=\"display:inherit;clear:left;\">Staff costs</span><span style=\"display:inherit;clear:left;\">Staff costs</span><span style=\"display:inherit;clear:left;position:relative;height:322.875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.252px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Salaries and other remuneration</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 453.544px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,233</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,236</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.127px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Severance payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 520.148px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">64</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.002px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Social security costs</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 512.355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,659</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,336</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.877px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit costs \u2013 defined contribution plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">569</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">457</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.752px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit costs \u2013 defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 390.502px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">236</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">180</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.627px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share-based payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 505.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.502px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other employee benefits</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 499.624px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">179</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">163</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 570.585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,536</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.51px; width: 350.871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Staff costs are included in the following line items in the income statement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.502px; width: 739.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 542.7px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,204</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,314</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 458.498px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,888</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.252px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Administrative expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 491.134px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,790</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,146</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.127px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other operating activities, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 478.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">127</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.002px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial expenses (pensions)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.877px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items (restructurings)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 478.853px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.039px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.635px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 570.585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,536</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 310.51px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average number of employees</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 450.105px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"letter-spacing: 0px; word-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\">36,964</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"letter-spacing: 0.000375px; word-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\">31,876</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__208": {
   "value": "<span style=\"display:inherit;clear:left;\">SECTION 7</span><span style=\"display:inherit;clear:left;\">STAFF COSTS AND </span><span style=\"display:inherit;clear:left;\">REMUNERATION</span><span style=\"display:inherit;clear:left;\">This section provides details on staff costs, further details on the remuneration of the executive </span><span style=\"display:inherit;clear:left;\">directors and key management personnel, and details of the share-based incentive programmes. </span><span style=\"display:inherit;clear:left;\">Disclosures related to retirement benefit obligations, covering both defined contribution and </span><span style=\"display:inherit;clear:left;\">defined benefit plans, are also included.</span><span style=\"display:inherit;clear:left;\">Further details on the remuneration policy can be found in the Remuneration Report.</span><span style=\"display:inherit;clear:left;\">Employees by segment</span><span style=\"display:inherit;clear:left;position:relative;height:79.7265625px;\"><span class=\"pp-font-color-override-13\" style=\"position: absolute; display: inline-block; left: 216.141px; top: 0.0097656px; width: 87.2578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.4551px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-8\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.9922px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-13\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 17.1113px; width: 291.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 132.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">37% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 39.2989px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">34% </span></span><span class=\"pp-font-color-override-6\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.8672px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-13\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 33.9863px; width: 291.539px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">34% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 38.0741px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">40% </span></span><span class=\"pp-font-color-override-3\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.7422px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-13\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 50.8613px; width: 292.084px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 42.6034px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">27% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 40.0489px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">24% </span></span><span class=\"pp-font-color-override-4\" style=\"position: absolute; display: inline-block; left: 0px; top: 70.6172px; width: 9px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ffd; -webkit-text-stroke: 0.135px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">g</span></span><span class=\"pp-font-color-override-13\" style=\"position: absolute; display: inline-block; left: 14.75px; top: 67.7363px; width: 291.463px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.0292px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2% </span></span></span><span style=\"display:inherit;clear:left;\">Section 7.1</span><span style=\"display:inherit;clear:left;\">Staff costs</span><span style=\"display:inherit;clear:left;\">Staff costs</span><span style=\"display:inherit;clear:left;position:relative;height:322.875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.252px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Salaries and other remuneration</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 453.544px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,233</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,236</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.127px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Severance payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 520.148px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">64</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.002px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Social security costs</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 512.355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,659</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,336</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.877px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit costs \u2013 defined contribution plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 366.445px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">569</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">457</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.752px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit costs \u2013 defined benefit plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 390.502px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">236</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">180</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.627px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share-based payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 505.447px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.502px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other employee benefits</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 499.624px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">179</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">163</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 570.585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,536</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.51px; width: 350.871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Staff costs are included in the following line items in the income statement</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.502px; width: 739.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 542.7px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,204</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,314</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.377px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 458.498px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,748</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,888</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 226.252px; width: 739.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Administrative expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 491.134px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,790</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,146</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 243.127px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other operating activities, net</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 478.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">127</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">120</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 260.002px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial expenses (pensions)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 481.654px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">37</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 276.877px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Special items (restructurings)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 478.853px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">184</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.039px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 293.635px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 570.585px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,048</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,536</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 310.51px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Average number of employees</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 450.105px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"letter-spacing: 0px; word-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\">36,964</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"letter-spacing: 0.000375px; word-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\">31,876</span></span></span><span style=\"display:inherit;clear:left;\">Section 7.2</span><span style=\"display:inherit;clear:left;\">Remuneration</span><span style=\"display:inherit;clear:left;\">Remuneration</span><span style=\"display:inherit;clear:left;position:relative;height:171.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.234px; top: 0.0097656px; width: 291.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Executive directors\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Key management personnel</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 389.355px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed salary</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 397.283px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29.7</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash bonus</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.993px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13.9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18.2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16.2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other benefits</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 389.906px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15.7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9.4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.2441px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Remuneration settled in cash</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35.3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">55.3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-monetary benefits</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.109px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share-based payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32.9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19.0</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20.1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.869px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Remuneration, non-monetary and share-based</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 230.203px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20.4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.744px; width: 739.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total cash and non-cash</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">67.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">59.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">94.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75.7</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 The executive directors are Jacob Aarup-Andersen and Ulrica Fearn.</span><span style=\"display:inherit;clear:left;\">The remuneration of the Supervisory Board, executive directors and key management personnel is described in detail in the </span><span style=\"display:inherit;clear:left;\">Remuneration Report.</span><span style=\"display:inherit;clear:left;\">The remuneration of the executive directors increased, mainly due to an increase in share-based payments, partly offset by lower </span><span style=\"display:inherit;clear:left;\">cash bonus achievement in 2025. The remuneration of key management personnel increased<span class=\"_ _7\"></span> in 2025, partly due to an increase in the </span><span style=\"display:inherit;clear:left;\">number of members in 2024 with full effect in 2025. </span><span style=\"display:inherit;clear:left;\">In 2025, the Supervisory Board received total remuneration of DKK 10.93m (2024: D<span class=\"_ _7\"></span>KK 11.00m), comprising fixed salary only. The </span><span style=\"display:inherit;clear:left;\">total remuneration received by the Supervisory and Executive Boards amounted to DKK 73m (<span class=\"_ _7\"></span>2024: DKK 70.1m).</span><span style=\"display:inherit;clear:left;\">All elements except for share-based payments are classified as short-term employee benefits. Share-based payments are classified </span><span style=\"display:inherit;clear:left;\">as long-term employee benefits.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Staff costs are recognised in the financial year in which the employee renders the related service. </span><span style=\"display:inherit;clear:left;\">The cost of share-based payments, which is expensed over the vesting period of the programme according to the service conditions, </span><span style=\"display:inherit;clear:left;\">is recognised in staff costs and provisions or equity, depending on how the programme is settled with the employees. </span><span style=\"display:inherit;clear:left;\">Key management personnel comprise the Executive Committee, excluding the executive directors. Other management personnel </span><span style=\"display:inherit;clear:left;\">included in the share-based payment schemes comprise vice presidents and other key employees in central functions as well as the </span><span style=\"display:inherit;clear:left;\">management of significant subsidiaries.</span><span style=\"display:inherit;clear:left;\">Section 7.3</span><span style=\"display:inherit;clear:left;\">Share-based payments</span><span style=\"display:inherit;clear:left;\">The Group has set up share-based incentive programmes to attract, retain and motivate the Group\u2019s executive directors and other </span><span style=\"display:inherit;clear:left;\">levels of management personnel, and to align their interests with those of the shareholders. There is no share-based remuneration of </span><span style=\"display:inherit;clear:left;\">the Supervisory Board.</span><span style=\"display:inherit;clear:left;\">The Group has one type of share-based payment known as performance shares.</span><span style=\"display:inherit;clear:left;\">Entitlement to performance shares requires fulfilment of service in the vesting period (3 years) but does not have any exercise price. </span><span style=\"display:inherit;clear:left;\">Instead, the shares are transferred to the recipients based on achievement of the KPIs attached to the shares. </span><span style=\"display:inherit;clear:left;\">Performance shares</span><span style=\"display:inherit;clear:left;\">The number of performance shares granted is the maximum number of performance shares that can vest. The number of shares </span><span style=\"display:inherit;clear:left;\">outstanding at the end of the period is the number expected to vest, based on the extent to which the vesting conditions are expected </span><span style=\"display:inherit;clear:left;\">to be met. The number of shares expected to vest is revised on a regular basis.</span><span style=\"display:inherit;clear:left;\">In 2025, 211 employees (2024: 164 employees) across the Group were awarded performance shares.</span><span style=\"display:inherit;clear:left;\">Vesting is subject to achievement of five KPIs: total shareholder return, adjusted EPS growth, organic revenue growth, growth in </span><span style=\"display:inherit;clear:left;\">ROIC and achievement of ESG targets. The average share price at vesting was DKK 859<span class=\"_ _7\"></span> (2024: DKK 939). The average contractual </span><span style=\"display:inherit;clear:left;\">life at the end of 2025 was 1.4 years (2024: 1.4 years). </span><span style=\"display:inherit;clear:left;\">Performance shares</span><span style=\"display:inherit;clear:left;position:relative;height:191.25px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 541.391px; top: 0.0097656px; width: 21.3398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Key </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 0.0097656px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 424.156px; top: 13.5098px; width: 47.6309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Executive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 497.203px; top: 13.5098px; width: 64.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">management </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 588.047px; top: 13.5098px; width: 64.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">management </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.234px; top: 27.0098px; width: 40.8574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">directors</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 513.844px; top: 27.0098px; width: 45.8789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">personnel</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 27.0098px; width: 138.205px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">personnel\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 44.002px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2023</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 353.268px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">49,898</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">41,107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">290,099</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">381,104</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 60.877px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Granted</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 399.386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,500</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,311</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109,773</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">193,584</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 77.752px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Forfeited/adjusted/transferred</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.348px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,942</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18,776</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-69,172</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-90,890</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 94.627px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exercised/settled</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 387.101px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-12,978</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-85,464</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-98,442</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 111.385px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 349.875px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">87,456</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">52,664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">245,236</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">385,356</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 128.377px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Granted</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 404.666px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">49,172</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46,591</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">213,714</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">309,477</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 145.252px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Forfeited/adjusted/transferred</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.344px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-19,976</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47,674</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-82,560</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 162.127px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exercised/settled</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 360.908px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-16,947</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-85,522</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-111,293</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 178.885px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 348.457px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112,894</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">62,332</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">325,754</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">500,980</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Including retired employees.</span><span style=\"display:inherit;clear:left;\">Performance share disclosures</span><span style=\"display:inherit;clear:left;position:relative;height:98.8515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at grant date</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">160</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of shares granted in the year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 461.812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total cost of performance shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 459.697px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost not yet recognised</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 504.739px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">135</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">173</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.311px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">375</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">181</span></span></span><span style=\"display:inherit;clear:left;\">Key information</span><span style=\"display:inherit;clear:left;position:relative;height:137.1015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 584.656px; top: 0.0097656px; width: 93.5977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Performance shares</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.6191px; width: 59.8535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Assumptions</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 742.119px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected volatility</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.018px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">22% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 741.949px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Risk-free interest rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.929px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2.4% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected dividend yield</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.854px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0/3.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0/2.9%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected life, years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at measurement date</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 417.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK 576-859</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">DKK 529-930</span></span></span></span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The volatility of performance shares is based on the historical volatility of the price of Carlsberg A/S\u2019 class B shares over the </span><span style=\"display:inherit;clear:left;\">previous three years.  </span><span style=\"display:inherit;clear:left;\">The share price is calculated as the average price of Carlsberg A/S\u2019 class B shares on Nasdaq Copenhagen during the first five </span><span style=\"display:inherit;clear:left;\">trading days after publication of Carlsberg A/S\u2019 financial statements. </span><span style=\"display:inherit;clear:left;\">The risk-free interest rate is based on Danish government bonds of the relevant maturity. The expected life is based on exercise at </span><span style=\"display:inherit;clear:left;\">the end of the vesting period.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">The fair value of granted performance shares is estimated using a stochastic (quasi-Monte Carlo) valuation model of market </span><span style=\"display:inherit;clear:left;\">conditions and a Black-Scholes call option-pricing model of non-market and service conditions, taking into account the terms and </span><span style=\"display:inherit;clear:left;\">conditions upon which the performance shares were granted. The market condition is based on a ranking of the total shareholder </span><span style=\"display:inherit;clear:left;\">return of Carlsberg A/S\u2019 class B shares versus a peer group of publicly traded companies in the alcoholic beverage sector. </span><span style=\"display:inherit;clear:left;\">On initial recognition of performance shares, the number of awards expected to vest is estimated and subsequently revised for any </span><span style=\"display:inherit;clear:left;\">changes. Accordingly, recognition is based on the number of awards that ultimately vest.</span><span style=\"display:inherit;clear:left;\">Section 7.4</span><span style=\"display:inherit;clear:left;\">Retirement benefit obligations </span><span style=\"display:inherit;clear:left;\">and similar obligations</span><span style=\"display:inherit;clear:left;\">Specification of net liability/asset</span><span style=\"display:inherit;clear:left;position:relative;height:204.6015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 23.7441px; width: 739.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 430.553px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.4141px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Present value of funded plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 304.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-7,293</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,115</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-558</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-12,966</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value of plan assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 332.818px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,253</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,854</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,751</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.3691px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net asset/liability of funded plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 289.348px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">960</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">739</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">86</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,785</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Present value of unfunded plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 311.238px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,267</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,272</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.951px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impact of asset ceiling</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 351.41px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-765</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-811</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 124.994px; width: 739.705px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net asset/liability at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 290.625px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">909</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,181</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.744px; width: 58.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Classified as</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 334.359px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">909</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">90</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">999</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.611px; width: 739.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit obligations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 326.478px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,271</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,297</span></span></span></span><span style=\"display:inherit;clear:left;position:relative;height:192.2265625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 23.7441px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 430.553px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.752px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.904px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Present value of funded plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-3,942</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.6446px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5,043</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9,008</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value of plan assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 330.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,009</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,547</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,579</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.3691px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net asset/liability of funded plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">67</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">504</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">571</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Present value of unfunded plans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 311.238px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,337</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,343</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Impact of asset ceiling</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 362.484px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-532</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-532</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 124.994px; width: 739.916px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net asset/liability at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.357px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,337</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1,304</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 146.369px; width: 58.3594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Classified as</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 163.361px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 343.272px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.236px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Retirement benefit obligations</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 326.478px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,337</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,365</span></span></span><span style=\"display:inherit;clear:left;\">A number of employees are covered by retirement benefit plans. The nature of the plans varies depending on labour market </span><span style=\"display:inherit;clear:left;\">conditions in the individual countries. Benefits are generally based on wages/salaries and length of employment.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Retirement benefit obligations cover both present and future retirees\u2019 entitlement to retirement benefits.</span><span style=\"display:inherit;clear:left;\">Defined contribution plans</span><span style=\"display:inherit;clear:left;\">A defined contribution plan is a post-employment benefit plan under which the Group pays contributions to a separate independent </span><span style=\"display:inherit;clear:left;\">company. The Group\u2019s legal or constructive obligation is limited to the contributions.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">In 2025, 71% (2024: 72%) of the Group\u2019s retirement benefit costs related to defined contribution plans.<span class=\"_ _7\"></span> The expense recognised in </span><span style=\"display:inherit;clear:left;\">relation to these contributions was DKK 569m (2024: DKK 457m).</span><span style=\"display:inherit;clear:left;\">Defined benefit plans</span><span style=\"display:inherit;clear:left;\">A defined benefit plan guarantees employees a certain level of pension benefits for life. The pension is based on seniority and salary </span><span style=\"display:inherit;clear:left;\">at the time of retirement. The Group assumes the risk associated with future developments in interest rates, inflation, mortality, </span><span style=\"display:inherit;clear:left;\">disability etc.</span><span style=\"display:inherit;clear:left;\">The most significant plans are in the UK and Switzerland, representing 51% and 36%<span class=\"_ _7\"></span> respectively (2024: 38% and 49%), while the </span><span style=\"display:inherit;clear:left;\">eurozone countries represented 7% (2024: 5%) of the gross obligation at 31 December <span class=\"_ _7\"></span>2025.</span><span style=\"display:inherit;clear:left;\">The majority of the obligations are funded, with assets placed in independent pension funds, mainly in the UK and Switzerland. Most </span><span style=\"display:inherit;clear:left;\">of the plan assets are quoted investments. In some countries, primarily Germany, Sweden and China, the obligation is unfunded. The </span><span style=\"display:inherit;clear:left;\">retirement benefit obligations for these unfunded plans amounted to DKK 1,272m (<span class=\"_ _7\"></span>2024: DKK 1,343m) or 9% (2024: 13%) of the </span><span style=\"display:inherit;clear:left;\">gross\ue7feobligation.</span><span style=\"display:inherit;clear:left;\">In 2025, the Group\u2019s obligation, net, regarding defined benefit plans decreased by D<span class=\"_ _7\"></span>KK 1,006m compared with 2024, primarily </span><span style=\"display:inherit;clear:left;\">impacted by the acquisition of the Britvic Group and changes in financial assumptions in the UK and Switzerland.</span><span style=\"display:inherit;clear:left;\">UK schemes</span><span style=\"display:inherit;clear:left;\">The Group has two defined benefit plans in the UK: the Carlsberg UK Limited defined benefit scheme and the Britvic Pension </span><span style=\"display:inherit;clear:left;\">Plan\ue7fe(BPP). </span><span style=\"display:inherit;clear:left;\">Carlsberg UK Limited defined benefit scheme</span><span style=\"display:inherit;clear:left;\">The defined benefit scheme was closed to new members from 31 December 2003 and closed to future accrual for active members </span><span style=\"display:inherit;clear:left;\">from 5 April 2016.</span><span style=\"display:inherit;clear:left;\">A three-yearl<span class=\"_ _7\"></span>y valuation process i<span class=\"_ _7\"></span>s in place to determi<span class=\"_ _7\"></span>ne any future funding<span class=\"_ _7\"></span> arrangements for t<span class=\"_ _7\"></span>he Carlsberg UK Limit<span class=\"_ _7\"></span>ed defined </span><span style=\"display:inherit;clear:left;\">benefit schem<span class=\"_ _7\"></span>e. The most recent t<span class=\"_ _7\"></span>hree-yearly valuation<span class=\"_ _7\"></span> was completed in 202<span class=\"_ _7\"></span>2. According to fundi<span class=\"_ _7\"></span>ng arrangements agree<span class=\"_ _7\"></span>d the Group </span><span style=\"display:inherit;clear:left;\">contributed D<span class=\"_ _7\"></span>KK 108m to the schem<span class=\"_ _7\"></span>e in 2025. The 2025 th<span class=\"_ _7\"></span>ree-yearly valuation <span class=\"_ _7\"></span>has been initiated wit<span class=\"_ _7\"></span>h completion expecte<span class=\"_ _7\"></span>d in Q1 </span><span style=\"display:inherit;clear:left;\">2026. The sche<span class=\"_ _7\"></span>me is in a funding sur<span class=\"_ _7\"></span>plus position. Consequ<span class=\"_ _7\"></span>ently, it is anticip<span class=\"_ _7\"></span>ated that no further<span class=\"_ _7\"></span> capital adjustment <span class=\"_ _7\"></span>will be required.</span><span style=\"display:inherit;clear:left;\">Britvic Pension Plan (BPP) </span><span style=\"display:inherit;clear:left;\">The defined benefit scheme was closed to new members from 1 August 2002 and closed to future accrual for active members from 1 </span><span style=\"display:inherit;clear:left;\">April 2011, with active members moving to the defined contribution section of the plan for future service benefits. </span><span style=\"display:inherit;clear:left;\">The BPP is a limited partner of Britvic Scottish Limited Partnership (Britvic SLP), which in turn is a limited partner in both Britvic </span><span style=\"display:inherit;clear:left;\">Property Partnership (Britvic PP) and Britvic Brands LLP. Britvic SLP, Britvic PP and Britvic Brands LLP are all consolidated by the </span><span style=\"display:inherit;clear:left;\">Group. The investment held by BPP does not represent a plan asset for accounting purposes and is therefore not included in the fair </span><span style=\"display:inherit;clear:left;\">value of the plan assets.</span><span style=\"display:inherit;clear:left;\">Contributions are ordinarily paid into the defined benefit section of the BPP as determined by the Trustee. No deficit-funding </span><span style=\"display:inherit;clear:left;\">payments were made during the year except for the DKK 43m annual partnership payment that was agreed from 2012 to 2025, with </span><span style=\"display:inherit;clear:left;\">2025 as the last year. The most recent three-yearly valuation was finalised in April 2023 and did not result in any change to the </span><span style=\"display:inherit;clear:left;\">Schedule of Contributions.</span><span style=\"display:inherit;clear:left;\">Certain properties and Group brands have been transferred to Britvic PP and Britvic Brands LLP respectively, with all such assets </span><span style=\"display:inherit;clear:left;\">subsequently leased back to Britvic Soft Drinks Limited. The Group retains operational flexibility regarding these properties and </span><span style=\"display:inherit;clear:left;\">brands, including the ability to substitute assets held by Britvic PP and Britvic Brands LLP as needed. The BPP is entitled to a share </span><span style=\"display:inherit;clear:left;\">of the profits in Britvic SLP until 2026. At the end of this period, the partnership capital allocated to the BPP will be adjusted to </span><span style=\"display:inherit;clear:left;\">match any funding deficit present at that time, up to a maximum of DKK 900m. The most recent funding assessment, initiated in </span><span style=\"display:inherit;clear:left;\">2025 with completion expected in Q1 2026, identified a funding surplus. Consequently, it is anticipated that no further capital </span><span style=\"display:inherit;clear:left;\">adjustment will be required.</span><span style=\"display:inherit;clear:left;\">A recent UK Court of Appeal decision in the case of Virgin Media Ltd vs. NTL Pension Trustees II Ltd considered the implications of </span><span style=\"display:inherit;clear:left;\">section 37 of the Pension Schemes Act 1993. Section 37 of the Pension Schemes Act 1993 only allows the rules of contracted-out </span><span style=\"display:inherit;clear:left;\">schemes in respect of benefits to be altered where certain requirements are met. The Group\u2019s view is that it is appropriate that no </span><span style=\"display:inherit;clear:left;\">adjustment is made to the Group\u2019s financial statements, as there is no reason to believe the relevant requirements have not been </span><span style=\"display:inherit;clear:left;\">complied with for both schemes in the UK.</span><span style=\"display:inherit;clear:left;\">SWITZERLAND</span><span style=\"display:inherit;clear:left;\">The plan in Switzerland is open and all new employees are eligible. The plan covers only active employees and retired employees. If </span><span style=\"display:inherit;clear:left;\">an employee leaves the company before retirement age, their accrued savings are vested to the new employer\u2019s pension plan and </span><span style=\"display:inherit;clear:left;\">they are no longer a member of the pension scheme.</span><span style=\"display:inherit;clear:left;\">The plan is in a net asset position and there is no deficit recovery plan in place. </span><span style=\"display:inherit;clear:left;\">Net defined benefit income/expense</span><span style=\"display:inherit;clear:left;position:relative;height:82.234375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current service cost</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 517.575px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-234</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-190</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.664px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Past service cost</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 541.53px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Net interest on the defined benefit obligation/asset</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 386.291px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-37</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.8691px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 582.518px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-231</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.1366px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-217</span></span></span><span style=\"display:inherit;clear:left;\">Taken to the statement of comprehensive income</span><span style=\"display:inherit;clear:left;position:relative;height:132.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Actual return on plan assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 482.408px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">537</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7636px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">430</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Less amount included in interest expense</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 418.241px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-523</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 52.9941px; width: 739.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on plan assets excluding amount recognised in net interest expense</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 267.41px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gain/loss from changes in demographic assumptions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 370.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">133</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.711px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gain/loss from changes in financial assumptions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 391.061px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">321</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-245</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.863px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asset ceiling</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 550.039px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-234</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.494px; width: 739.84px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 584.554px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">234</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-96</span></span></span><span style=\"display:inherit;clear:left;\">The actuarial gain recognised in other comprehensive income amounted to DKK 290m (<span class=\"_ _7\"></span>2024: DKK 150m), comprising a foreign </span><span style=\"display:inherit;clear:left;\">exchange adjustment of DKK 56m and a net actuarial gain of DKK 234m.</span><span style=\"display:inherit;clear:left;\">The accumulated actuarial loss and foreign exchange adjustment recognised at 31 December <span class=\"_ _7\"></span>2025 was DKK 2,205m (2024: 2,495m), </span><span style=\"display:inherit;clear:left;\">with actuarial net losses of DKK 2,501m (2024: DKK 2,735m).</span><span style=\"display:inherit;clear:left;\">Movements in the present value of benefit obligations</span><span style=\"display:inherit;clear:left;position:relative;height:204.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 23.7441px; width: 739.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 430.553px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.4141px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">At 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 387.101px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,948</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,043</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,360</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,351</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 345.451px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,868</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">744</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,612</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current service cost</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 376.166px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">199</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">234</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Past service cost</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 389.355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest cost</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 395.554px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">398</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">55</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">65</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">518</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gain/loss from changes in demographic assumptions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-134</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-133</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gain/loss from changes in financial assumptions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-232</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-110</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-321</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Benefits paid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 388.729px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-393</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-296</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-114</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-803</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.736px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.312px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-157</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">93</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-158</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-222</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.494px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">At 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 369.457px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,298</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,115</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,825</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,238</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:185.734375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.4941px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 430.553px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.752px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 38.4863px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">At 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 393.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,171</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,656</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,234</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,061</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.3613px; width: 739.898px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Current service cost</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 376.166px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">163</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">190</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 72.2363px; width: 739.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Past service cost</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 389.355px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.1113px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest cost</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 395.554px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">203</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">86</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">335</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 105.986px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gain/loss from changes in demographic assumptions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 211.547px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.861px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gain/loss from changes in financial assumptions</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 229.119px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-391</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">487</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">149</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">245</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 139.736px; width: 739.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Benefits paid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 391.061px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-215</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-296</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-95</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-606</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.611px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.312px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">203</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-52</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">154</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 173.369px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">At 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 368.812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,948</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,043</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,360</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,351</span></span></span><span style=\"display:inherit;clear:left;\">Movements in the fair value of plan assets</span><span style=\"display:inherit;clear:left;position:relative;height:187.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 23.7441px; width: 739.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 430.553px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 35.4141px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.6191px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">At 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 383.017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,009</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,015</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,047</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Acquisition of entities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 345.967px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,358</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">803</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,161</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on plan assets excluding interest</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 268.348px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">232</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-42</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 382.541px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">433</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">523</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.846px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contributions paid to plan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 336.129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">155</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">204</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">365</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Benefits paid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 391.061px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-412</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-289</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-20</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-721</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.986px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asset ceiling</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 405.248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-233</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-234</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.861px; width: 739.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-159</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">99</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-155</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-215</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.619px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">At 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 368.812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,207</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,089</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.0273px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,940</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:168.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.4941px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 430.553px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.752px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 38.3691px; width: 739.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">At 1 January</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 384.686px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,032</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,624</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,674</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.3613px; width: 739.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Return on plan assets excluding interest</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 263.942px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-308</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">440</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">132</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 72.2363px; width: 739.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 380.303px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">200</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">97</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">298</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.1113px; width: 739.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Contributions paid to plan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 338.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">117</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">195</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">315</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 105.986px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Benefits paid</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 388.166px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-228</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-292</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-519</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.861px; width: 739.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asset ceiling</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 408.971px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.2248px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 139.736px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Foreign exchange adjustments etc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">196</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-48</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">148</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 156.494px; width: 739.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">At 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 367.389px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,009</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,015</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,047</span></span></span><span style=\"display:inherit;clear:left;\">Assumptions applied</span><span style=\"display:inherit;clear:left;position:relative;height:131.3671875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 694.828px; top: 0.0097656px; width: 45.3223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Weighted</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 13.5098px; width: 649.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 334.359px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">GBP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">CHF</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">EUR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 702.016px; top: 13.5098px; width: 37.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">average</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 739.752px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discount rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.8-4.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.5%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Growth in wages and salaries</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 223.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.3-4%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 85.5098px; width: 24.416px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 102.502px; width: 739.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discount rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.1%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.4-3.3%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.1%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 119.377px; width: 739.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Growth in wages and salaries</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 222px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.7%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1.0%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.9491px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.3-2.9%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4.6%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.3%</span></span></span><span style=\"display:inherit;clear:left;\">Sensitivity analysis</span><span style=\"display:inherit;clear:left;position:relative;height:209.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 462.406px; top: 0.0097656px; width: 204.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 155.467px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 742.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 382.541px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">+0.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-0.5 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">+0.5%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">-0.5 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Discount rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 390.502px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-751</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">825</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-607</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">677</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Growth in wages and salaries</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 320.08px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-172</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-41</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 436.797px; top: 74.3691px; width: 302.502px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">+1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">+1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1 year</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Mortality</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 409.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">462</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-406</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">320</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-295</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.701px; width: 265.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Maturity of retirement benefit obligations</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 161.26px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 378px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&lt; 1 year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.8065px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1-5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.4143px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">&gt; 5 years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 180.494px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 428.22px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">837</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,739</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,662</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span></span><span style=\"display: inline-block;\">14,238</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 197.369px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 430.553px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">610</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,868</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,873</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">10,351</span></span></span></span><span style=\"display:inherit;clear:left;\">Assumptions applied</span><span style=\"display:inherit;clear:left;\">In 2025, the discount rate used for the defined benefit plans in Western Europe was determined by reference to market yields on </span><span style=\"display:inherit;clear:left;\">high-quality corporate bonds. In the Asian countries, where no deep market in high-quality corporate bonds exists, the discount rate </span><span style=\"display:inherit;clear:left;\">was determined by reference to market yields on government bonds.</span><span style=\"display:inherit;clear:left;\">The mortality tables used in the UK are S4PxA tables for post-retirement, while the Swiss entities use BVG 2020 for valuation of </span><span style=\"display:inherit;clear:left;\">their retirement benefit obligations.</span><span style=\"display:inherit;clear:left;\">Sensitivity analysis </span><span style=\"display:inherit;clear:left;\">The sensitivity analysis is based on a change in one of the assumptions, while all other assumptions remain constant. This is highly </span><span style=\"display:inherit;clear:left;\">unlikely, however, as a change in one assumption would probably affect other assumptions as well. When calculating the obligation </span><span style=\"display:inherit;clear:left;\">on the basis of a changed assumption, the same method has been applied as when calculating the defined benefit obligation.</span><span style=\"display:inherit;clear:left;\">Expected maturity and duration</span><span style=\"display:inherit;clear:left;\">Defined benefit obligations are primarily expected to mature after five years. The expected duration of the obligations at year-end </span><span style=\"display:inherit;clear:left;\">2025 was 13 years. The duration is calculated using a weighted average of the duration divided by the obligation. </span><span style=\"display:inherit;clear:left;\">Breakdown of plan assets</span><span style=\"display:inherit;clear:left;position:relative;height:137.359375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 23.7441px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 340.775px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.752px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 741.744px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 339.762px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,385</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">72</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,471</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">10 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.846px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bonds and other securities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 232.201px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,306</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3,003</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">393</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,702</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">45</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Liability-driven investments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 231.609px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,551</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,551</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Real estate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">68</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,300</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">176</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,544</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 741.604px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 243.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">314</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">166</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">483</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3 </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 124.994px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 327.68px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,253</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,854</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">644</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14,751</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:135.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.4941px; width: 739.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 340.775px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 34.752px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Other</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 38.4863px; width: 741.949px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.918px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,350</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,350</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">14 </span></span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 55.3613px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bonds and other securities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 236.596px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2,173</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,849</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,045</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">53</span></span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 72.2363px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Liability-driven investments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 231.609px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">1,239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,239</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span></span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 89.1113px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Real estate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.535px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">478</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,202</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,680</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18</span></span></span><span class=\"pp-font-color-override-5\" style=\"position: absolute; display: inline-block; left: 0px; top: 105.986px; width: 741.779px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash and cash equivalents</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 245.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-2\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">146</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">265</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">3 </span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 122.744px; width: 739.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 325.881px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,009</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,547</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,579</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span></span><span style=\"display:inherit;clear:left;\">The fair values of the above equity and debt instruments are determined based on quoted market prices in active markets, whereas </span><span style=\"display:inherit;clear:left;\">the fair values of properties are not based on quoted market prices. The fixed-interest and index-linked asset classes include </span><span style=\"display:inherit;clear:left;\">leveraged gilt funds.</span><span style=\"display:inherit;clear:left;\">Liability-driven investments are a portfolio of assets used primarily in the UK schemes to hedge the exposure to changes in interest </span><span style=\"display:inherit;clear:left;\">rates and inflation. The portfolio consists of fixed-interest gilts and index-linked gilts, including leveraged gilt funds. The fair value of </span><span style=\"display:inherit;clear:left;\">these assets is derived from quoted market prices of the underlying funds held. These funds are held as part of the strategy of the </span><span style=\"display:inherit;clear:left;\">Trustees of the UK schemes to invest in low-risk assets that provide a hedge against interest rates and inflation.</span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The value of the Group\u2019s defined benefit plans is based on valuations from external actuaries. The valuation is based on a number </span><span style=\"display:inherit;clear:left;\">of actuarial assumptions, including discount rates, expected growth in wages and salaries, mortality and retirement benefits. </span><span style=\"display:inherit;clear:left;\">The present value of the net obligation is calculated by using the projected unit credit method and discounting the defined benefit </span><span style=\"display:inherit;clear:left;\">plan by a discount rate for each country. The discount rate is determined by reference to market yields on high-quality corporate </span><span style=\"display:inherit;clear:left;\">bonds. Where high-quality corporate bonds are not available, the market yields on government bonds are used instead. </span><span style=\"display:inherit;clear:left;\">Mortality assumptions are based on the Group entity\u2019s best estimate of the mortality of plan members during and after </span><span style=\"display:inherit;clear:left;\">employment and include expected changes in mortality. Due to the broad range of entities comprising the retirement benefit </span><span style=\"display:inherit;clear:left;\">obligation, several different mortality tables are used to calculate the future retirement benefit obligation.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Contributions paid to a defined contribution plan are recognised in the income statement in the period during which services are </span><span style=\"display:inherit;clear:left;\">rendered by employees. Any contributions outstanding are recognised in the statement of financial position as other liabilities. </span><span style=\"display:inherit;clear:left;\">The Group\u2019s net obligation recognised in the statement of financial position in respect of defined benefit plans is the present value </span><span style=\"display:inherit;clear:left;\">of the defined benefit obligation at the reporting date less the fair value of plan assets calculated by a qualified actuary. </span><span style=\"display:inherit;clear:left;\">The present value is determined separately for each plan by discounting the estimated future benefits that employees have earned </span><span style=\"display:inherit;clear:left;\">in return for their service in the current and prior years. </span><span style=\"display:inherit;clear:left;\">The costs of a defined benefit plan are recognised in the income statement and include service costs, net interest based on actuarial </span><span style=\"display:inherit;clear:left;\">estimates and financial expectations. </span><span style=\"display:inherit;clear:left;\">Service costs comprise current service cost and past service cost. Current service cost is the increase in the present value of the </span><span style=\"display:inherit;clear:left;\">defined benefit obligation resulting from employee services in the current period. Past service cost is the change in the present value </span><span style=\"display:inherit;clear:left;\">of the obligation regarding employee services in prior years that arises from a plan amendment or a curtailment. Past service costs </span><span style=\"display:inherit;clear:left;\">are recognised immediately, provided employees have already earned the changed benefits. </span><span style=\"display:inherit;clear:left;\">Realised gains and losses on curtailment or settlement are recognised under staff costs. </span><span style=\"display:inherit;clear:left;\">In<span class=\"_ _0\"></span>ter<span class=\"_ _7\"></span>es<span class=\"_ _0\"></span>t o<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>re<span class=\"_ _0\"></span>tir<span class=\"_ _7\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> be<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>fi<span class=\"_ _0\"></span>t o<span class=\"_ _7\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>on<span class=\"_ _0\"></span>s a<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he<span class=\"_ _0\"></span> in<span class=\"_ _7\"></span>te<span class=\"_ _0\"></span>res<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>on <span class=\"_ _7\"></span>re<span class=\"_ _0\"></span>tur<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>on <span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>an<span class=\"_ _0\"></span> as<span class=\"_ _7\"></span>se<span class=\"_ _7\"></span>ts<span class=\"_ _0\"></span> ar<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>re<span class=\"_ _0\"></span>cog<span class=\"_ _7\"></span>ni<span class=\"_ _0\"></span>sed<span class=\"_ _7\"></span> a<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _7\"></span>ci<span class=\"_ _0\"></span>al <span class=\"_ _7\"></span>in<span class=\"_ _7\"></span>co<span class=\"_ _0\"></span>me <span class=\"_ _7\"></span>or<span class=\"_ _0\"></span> fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nc<span class=\"_ _0\"></span>ial<span class=\"_ _7\"></span> e<span class=\"_ _0\"></span>xpe<span class=\"_ _7\"></span>ns<span class=\"_ _0\"></span>es.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Differences between the development in retirement benefit assets and liabilities and realised amounts at year-end are designated </span><span style=\"display:inherit;clear:left;\">as actuarial gains or losses and recognised in other comprehensive income. As they will never be reclassified to the income </span><span style=\"display:inherit;clear:left;\">statement, they are included in retained earnings. </span><span style=\"display:inherit;clear:left;\">If a retirement benefit plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead </span><span style=\"display:inherit;clear:left;\">to reduced future payments to the plan.</span><span style=\"display:inherit;clear:left;\">Realised gains and losses on the adjustment of retirement benefit obligations as a result of termination of a significant number of </span><span style=\"display:inherit;clear:left;\">positions in connection with restructurings are recognised under special items.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__216-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 7.2</span><span style=\"display:inherit;clear:left;\">Remuneration</span><span style=\"display:inherit;clear:left;\">Remuneration</span><span style=\"display:inherit;clear:left;position:relative;height:171.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.234px; top: 0.0097656px; width: 291.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Executive directors\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Key management personnel</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 389.355px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed salary</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 397.283px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29.7</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash bonus</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.993px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13.9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18.2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16.2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other benefits</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 389.906px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15.7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9.4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.2441px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Remuneration settled in cash</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35.3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">55.3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-monetary benefits</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.109px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share-based payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32.9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19.0</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20.1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.869px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Remuneration, non-monetary and share-based</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 230.203px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20.4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.744px; width: 739.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total cash and non-cash</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">67.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">59.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">94.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75.7</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 The executive directors are Jacob Aarup-Andersen and Ulrica Fearn.</span><span style=\"display:inherit;clear:left;\">The remuneration of the Supervisory Board, executive directors and key management personnel is described in detail in the </span><span style=\"display:inherit;clear:left;\">Remuneration Report.</span><span style=\"display:inherit;clear:left;\">The remuneration of the executive directors increased, mainly due to an increase in share-based payments, partly offset by lower </span><span style=\"display:inherit;clear:left;\">cash bonus achievement in 2025. The remuneration of key management personnel increased<span class=\"_ _7\"></span> in 2025, partly due to an increase in the </span><span style=\"display:inherit;clear:left;\">number of members in 2024 with full effect in 2025. </span><span style=\"display:inherit;clear:left;\">In 2025, the Supervisory Board received total remuneration of DKK 10.93m (2024: D<span class=\"_ _7\"></span>KK 11.00m), comprising fixed salary only. The </span><span style=\"display:inherit;clear:left;\">total remuneration received by the Supervisory and Executive Boards amounted to DKK 73m (<span class=\"_ _7\"></span>2024: DKK 70.1m).</span><span style=\"display:inherit;clear:left;\">All elements except for share-based payments are classified as short-term employee benefits. Share-based payments are classified </span><span style=\"display:inherit;clear:left;\">as long-term employee benefits.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Staff costs are recognised in the financial year in which the employee renders the related service. </span><span style=\"display:inherit;clear:left;\">The cost of share-based payments, which is expensed over the vesting period of the programme according to the service conditions, </span><span style=\"display:inherit;clear:left;\">is recognised in staff costs and provisions or equity, depending on how the programme is settled with the employees. </span><span style=\"display:inherit;clear:left;\">Key management personnel comprise the Executive Committee, excluding the executive directors. Other management personnel </span><span style=\"display:inherit;clear:left;\">included in the share-based payment schemes comprise vice presidents and other key employees in central functions as well as the </span><span style=\"display:inherit;clear:left;\">management of significant subsidiaries.</span><span style=\"display:inherit;clear:left;\">Section 7.3</span><span style=\"display:inherit;clear:left;\">Share-based payments</span><span style=\"display:inherit;clear:left;\">The Group has set up share-based incentive programmes to attract, retain and motivate the Group\u2019s executive directors and other </span><span style=\"display:inherit;clear:left;\">levels of management personnel, and to align their interests with those of the shareholders. There is no share-based remuneration of </span><span style=\"display:inherit;clear:left;\">the Supervisory Board.</span><span style=\"display:inherit;clear:left;\">The Group has one type of share-based payment known as performance shares.</span><span style=\"display:inherit;clear:left;\">Entitlement to performance shares requires fulfilment of service in the vesting period (3 years) but does not have any exercise price. </span><span style=\"display:inherit;clear:left;\">Instead, the shares are transferred to the recipients based on achievement of the KPIs attached to the shares. </span><span style=\"display:inherit;clear:left;\">Performance shares</span><span style=\"display:inherit;clear:left;\">The number of performance shares granted is the maximum number of performance shares that can vest. The number of shares </span><span style=\"display:inherit;clear:left;\">outstanding at the end of the period is the number expected to vest, based on the extent to which the vesting conditions are expected </span><span style=\"display:inherit;clear:left;\">to be met. The number of shares expected to vest is revised on a regular basis.</span><span style=\"display:inherit;clear:left;\">In 2025, 211 employees (2024: 164 employees) across the Group were awarded performance shares.</span><span style=\"display:inherit;clear:left;\">Vesting is subject to achievement of five KPIs: total shareholder return, adjusted EPS growth, organic revenue growth, growth in </span><span style=\"display:inherit;clear:left;\">ROIC and achievement of ESG targets. The average share price at vesting was DKK 859<span class=\"_ _7\"></span> (2024: DKK 939). The average contractual </span><span style=\"display:inherit;clear:left;\">life at the end of 2025 was 1.4 years (2024: 1.4 years). </span><span style=\"display:inherit;clear:left;\">Performance shares</span><span style=\"display:inherit;clear:left;position:relative;height:191.25px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 541.391px; top: 0.0097656px; width: 21.3398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Key </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 0.0097656px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 424.156px; top: 13.5098px; width: 47.6309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Executive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 497.203px; top: 13.5098px; width: 64.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">management </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 588.047px; top: 13.5098px; width: 64.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">management </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.234px; top: 27.0098px; width: 40.8574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">directors</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 513.844px; top: 27.0098px; width: 45.8789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">personnel</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 27.0098px; width: 138.205px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">personnel\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 44.002px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2023</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 353.268px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">49,898</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">41,107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">290,099</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">381,104</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 60.877px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Granted</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 399.386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,500</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,311</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109,773</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">193,584</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 77.752px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Forfeited/adjusted/transferred</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.348px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,942</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18,776</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-69,172</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-90,890</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 94.627px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exercised/settled</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 387.101px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-12,978</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-85,464</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-98,442</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 111.385px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 349.875px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">87,456</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">52,664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">245,236</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">385,356</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 128.377px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Granted</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 404.666px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">49,172</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46,591</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">213,714</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">309,477</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 145.252px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Forfeited/adjusted/transferred</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.344px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-19,976</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47,674</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-82,560</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 162.127px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exercised/settled</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 360.908px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-16,947</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-85,522</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-111,293</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 178.885px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 348.457px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112,894</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">62,332</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">325,754</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">500,980</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Including retired employees.</span><span style=\"display:inherit;clear:left;\">Performance share disclosures</span><span style=\"display:inherit;clear:left;position:relative;height:98.8515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at grant date</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">160</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of shares granted in the year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 461.812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total cost of performance shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 459.697px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost not yet recognised</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 504.739px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">135</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">173</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.311px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">375</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">181</span></span></span><span style=\"display:inherit;clear:left;\">Key information</span><span style=\"display:inherit;clear:left;position:relative;height:137.1015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 584.656px; top: 0.0097656px; width: 93.5977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Performance shares</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.6191px; width: 59.8535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Assumptions</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 742.119px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected volatility</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.018px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">22% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 741.949px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Risk-free interest rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.929px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2.4% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected dividend yield</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.854px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0/3.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0/2.9%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected life, years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at measurement date</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 417.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK 576-859</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">DKK 529-930</span></span></span></span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The volatility of performance shares is based on the historical volatility of the price of Carlsberg A/S\u2019 class B shares over the </span><span style=\"display:inherit;clear:left;\">previous three years.  </span><span style=\"display:inherit;clear:left;\">The share price is calculated as the average price of Carlsberg A/S\u2019 class B shares on Nasdaq Copenhagen during the first five </span><span style=\"display:inherit;clear:left;\">trading days after publication of Carlsberg A/S\u2019 financial statements. </span><span style=\"display:inherit;clear:left;\">The risk-free interest rate is based on Danish government bonds of the relevant maturity. The expected life is based on exercise at </span><span style=\"display:inherit;clear:left;\">the end of the vesting period.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">The fair value of granted performance shares is estimated using a stochastic (quasi-Monte Carlo) valuation model of market </span><span style=\"display:inherit;clear:left;\">conditions and a Black-Scholes call option-pricing model of non-market and service conditions, taking into account the terms and </span><span style=\"display:inherit;clear:left;\">conditions upon which the performance shares were granted. The market condition is based on a ranking of the total shareholder </span><span style=\"display:inherit;clear:left;\">return of Carlsberg A/S\u2019 class B shares versus a peer group of publicly traded companies in the alcoholic beverage sector. </span><span style=\"display:inherit;clear:left;\">On initial recognition of performance shares, the number of awards expected to vest is estimated and subsequently revised for any </span><span style=\"display:inherit;clear:left;\">changes. Accordingly, recognition is based on the number of awards that ultimately vest.</span><span style=\"display:inherit;clear:left;\">Section 8.3</span><span style=\"display:inherit;clear:left;\">Related parties</span><span style=\"display:inherit;clear:left;\">Related parties exercising control</span><span style=\"display:inherit;clear:left;\">The Carlsberg Foundation, H.C. Andersens Boulevard 35, 1553 Copenhagen V, Denmark, exercises control over Carlsberg A/S. The </span><span style=\"display:inherit;clear:left;\">foundation holds 30.0% (2024: 29.6%) of the shares and 77.5% of the voting power in Carlsberg A/S, excluding treasury shares </span><span style=\"display:inherit;clear:left;\">(2024: 77.3%).</span><span style=\"display:inherit;clear:left;\">The following transactions took place between the Carlsberg Foundation and the Group in <span class=\"_ _7\"></span>2025:</span><span style=\"display:inherit;clear:left;\">The Carlsberg Foundation received a dividend of DKK 27.00 per share from Carlsberg A/S, the same as every other shareholder. The </span><span style=\"display:inherit;clear:left;\">dividend received amounted to DKK 1,074m (2024: DKK 1,085m).</span><span style=\"display:inherit;clear:left;\">Th<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>Car<span class=\"_ _7\"></span>ls<span class=\"_ _7\"></span>be<span class=\"_ _7\"></span>rg <span class=\"_ _7\"></span>Fo<span class=\"_ _7\"></span>un<span class=\"_ _7\"></span>dat<span class=\"_ _0\"></span>ion<span class=\"_ _7\"></span> pa<span class=\"_ _7\"></span>rt<span class=\"_ _7\"></span>ic<span class=\"_ _7\"></span>ipa<span class=\"_ _7\"></span>te<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>in <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>sha<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>uy-<span class=\"_ _0\"></span>bac<span class=\"_ _7\"></span>k p<span class=\"_ _7\"></span>ro<span class=\"_ _7\"></span>gr<span class=\"_ _7\"></span>amm<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>on<span class=\"_ _7\"></span> a <span class=\"_ _7\"></span>30<span class=\"_ _7\"></span>.3<span class=\"_ _7\"></span>3% <span class=\"_ _0\"></span>pro<span class=\"_ _7\"></span> ra<span class=\"_ _7\"></span>ta<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>asi<span class=\"_ _7\"></span>s.<span class=\"_ _7\"></span> T<span class=\"_ _7\"></span>her<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>wa<span class=\"_ _7\"></span>s n<span class=\"_ _7\"></span>o <span class=\"_ _7\"></span>sh<span class=\"_ _7\"></span>are<span class=\"_ _0\"></span> bu<span class=\"_ _7\"></span>y-b<span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>k </span><span style=\"display:inherit;clear:left;\">pr<span class=\"_ _7\"></span>og<span class=\"_ _7\"></span>ram<span class=\"_ _7\"></span>me<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>202<span class=\"_ _7\"></span>5.<span class=\"_ _7\"></span> I<span class=\"_ _7\"></span>n 2<span class=\"_ _0\"></span>024<span class=\"_ _7\"></span>, t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> C<span class=\"_ _7\"></span>arl<span class=\"_ _7\"></span>sb<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>g F<span class=\"_ _7\"></span>ou<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>on<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>old<span class=\"_ _0\"></span> B <span class=\"_ _7\"></span>sha<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>Ca<span class=\"_ _7\"></span>rl<span class=\"_ _7\"></span>sbe<span class=\"_ _7\"></span>rg<span class=\"_ _7\"></span> A<span class=\"_ _7\"></span>/S <span class=\"_ _7\"></span>at<span class=\"_ _7\"></span> a<span class=\"_ _7\"></span> fa<span class=\"_ _0\"></span>ir <span class=\"_ _7\"></span>val<span class=\"_ _7\"></span>ue<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>f D<span class=\"_ _7\"></span>KK<span class=\"_ _7\"></span> <span class=\"_ _7\"></span>59<span class=\"_ _7\"></span>5m<span class=\"_ _7\"></span>. T<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>har<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span> w<span class=\"_ _7\"></span>ere<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ol<span class=\"_ _7\"></span>d </span><span style=\"display:inherit;clear:left;\">at<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he <span class=\"_ _7\"></span>av<span class=\"_ _7\"></span>er<span class=\"_ _7\"></span>age<span class=\"_ _7\"></span> w<span class=\"_ _7\"></span>ee<span class=\"_ _7\"></span>kly<span class=\"_ _0\"></span> sh<span class=\"_ _7\"></span>are<span class=\"_ _7\"></span> b<span class=\"_ _7\"></span>uy<span class=\"_ _7\"></span>-ba<span class=\"_ _7\"></span>ck<span class=\"_ _7\"></span> m<span class=\"_ _7\"></span>ark<span class=\"_ _7\"></span>et<span class=\"_ _7\"></span> p<span class=\"_ _7\"></span>ric<span class=\"_ _0\"></span>es.<span class=\"_ _7\"></span> Th<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>nu<span class=\"_ _7\"></span>mbe<span class=\"_ _7\"></span>r <span class=\"_ _7\"></span>of<span class=\"_ _7\"></span> A <span class=\"_ _7\"></span>sh<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>es <span class=\"_ _7\"></span>he<span class=\"_ _7\"></span>ld<span class=\"_ _7\"></span> by<span class=\"_ _0\"></span> th<span class=\"_ _7\"></span>e f<span class=\"_ _7\"></span>ou<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>ati<span class=\"_ _7\"></span>on<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>s u<span class=\"_ _7\"></span>nc<span class=\"_ _7\"></span>ha<span class=\"_ _7\"></span>nge<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>vs<span class=\"_ _7\"></span>. 2<span class=\"_ _0\"></span>024<span class=\"_ _7\"></span>. A<span class=\"_ _7\"></span> c<span class=\"_ _7\"></span>an<span class=\"_ _7\"></span>cel<span class=\"_ _7\"></span>la<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>on </span><span style=\"display:inherit;clear:left;\">of<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>rea<span class=\"_ _7\"></span>su<span class=\"_ _7\"></span>ry<span class=\"_ _7\"></span> sh<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span> to<span class=\"_ _0\"></span>ok <span class=\"_ _7\"></span>pla<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>20<span class=\"_ _7\"></span>25,<span class=\"_ _7\"></span> w<span class=\"_ _7\"></span>hi<span class=\"_ _7\"></span>ch <span class=\"_ _7\"></span>is<span class=\"_ _7\"></span> w<span class=\"_ _7\"></span>hy <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>own<span class=\"_ _0\"></span>ers<span class=\"_ _7\"></span>hip<span class=\"_ _7\"></span> s<span class=\"_ _7\"></span>ha<span class=\"_ _7\"></span>re <span class=\"_ _0\"></span>inc<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>ase<span class=\"_ _0\"></span>d t<span class=\"_ _7\"></span>o 3<span class=\"_ _0\"></span>0.0<span class=\"_ _7\"></span>% a<span class=\"_ _7\"></span>t <span class=\"_ _7\"></span>31<span class=\"_ _7\"></span> De<span class=\"_ _7\"></span>ce<span class=\"_ _7\"></span>mb<span class=\"_ _7\"></span>er <span class=\"_ _0\"></span>202<span class=\"_ _7\"></span>5 <span class=\"_ _7\"></span>(20<span class=\"_ _7\"></span>24<span class=\"_ _7\"></span>: <span class=\"_ _7\"></span>29.<span class=\"_ _0\"></span>6%)<span class=\"_ _7\"></span>. </span><span style=\"display:inherit;clear:left;\">Funding and grants</span><span style=\"display:inherit;clear:left;\">Carlsberg A/S received grants and further funding from the Carlsberg Foundation, in total DKK <span class=\"_ _7\"></span>91m, for the basic research and </span><span style=\"display:inherit;clear:left;\">development activities at the Carlsberg Research Laboratory (2024: DKK 71m). Of the total grants, D<span class=\"_ _7\"></span>KK 12m (2024: DKK 2m) was </span><span style=\"display:inherit;clear:left;\">deferred to be used for research projects in the future.</span><span style=\"display:inherit;clear:left;\">Other activities</span><span style=\"display:inherit;clear:left;\">Home of Carlsberg A/S, a 100%-owned subsidiary of the Carlsberg Group, hosted and administered events at the Carlsberg </span><span style=\"display:inherit;clear:left;\">Academy, which is owned by the Carlsberg Foundation, at a value of DKK 1.0m (2024: DKK 0.5m)<span class=\"_ _7\"></span>.</span><span style=\"display:inherit;clear:left;\">The Group\u2019s delivery of beer and soft drinks to the Carlsberg Foundation is charged at ordinary listing price minus a discount. In <span class=\"_ _7\"></span>2025, </span><span style=\"display:inherit;clear:left;\">the deliveries amounted to DKK 0.1m (total sales of goods) (2024: DKK 0.1m).</span><span style=\"display:inherit;clear:left;\">Carlsberg A/S leases parking spaces to provide parking for employees at the Carlsberg Research Laboratory and Home of Carlsberg. </span><span style=\"display:inherit;clear:left;\">Furthermore, Carlsberg Breweries A/S leases storage facilities in the researcher apartments in Carlsberg Byen. These lease </span><span style=\"display:inherit;clear:left;\">agreements are with subsidiaries of the foundation. The two annual lease payments amounted to DKK<span class=\"_ _7\"></span> 0.3m (2024: DKK 0.3m) and </span><span style=\"display:inherit;clear:left;\">the leases are on market terms.</span><span style=\"display:inherit;clear:left;\">It<span class=\"_ _7\"></span> is<span class=\"_ _7\"></span> e<span class=\"_ _7\"></span>sti<span class=\"_ _7\"></span>ma<span class=\"_ _7\"></span>ted<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>ha<span class=\"_ _7\"></span>t t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> be<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>fit<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>o t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> Ca<span class=\"_ _7\"></span>rl<span class=\"_ _7\"></span>sbe<span class=\"_ _7\"></span>rg<span class=\"_ _7\"></span> Gr<span class=\"_ _7\"></span>ou<span class=\"_ _7\"></span>p c<span class=\"_ _7\"></span>or<span class=\"_ _7\"></span>res<span class=\"_ _7\"></span>po<span class=\"_ _7\"></span>nds<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>o t<span class=\"_ _7\"></span>he<span class=\"_ _7\"></span> va<span class=\"_ _7\"></span>lu<span class=\"_ _7\"></span>e o<span class=\"_ _7\"></span>f <span class=\"_ _7\"></span>the<span class=\"_ _7\"></span> o<span class=\"_ _7\"></span>the<span class=\"_ _7\"></span>r <span class=\"_ _7\"></span>ac<span class=\"_ _7\"></span>tiv<span class=\"_ _7\"></span>iti<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span> pr<span class=\"_ _7\"></span>ov<span class=\"_ _7\"></span>ide<span class=\"_ _7\"></span>d <span class=\"_ _7\"></span>to <span class=\"_ _7\"></span>th<span class=\"_ _7\"></span>e C<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>lsb<span class=\"_ _0\"></span>erg <span class=\"_ _7\"></span>Fo<span class=\"_ _7\"></span>und<span class=\"_ _7\"></span>at<span class=\"_ _7\"></span>ion<span class=\"_ _7\"></span>, </span><span style=\"display:inherit;clear:left;\">wh<span class=\"_ _7\"></span>ich<span class=\"_ _7\"></span> i<span class=\"_ _7\"></span>n t<span class=\"_ _7\"></span>ur<span class=\"_ _7\"></span>n c<span class=\"_ _7\"></span>or<span class=\"_ _7\"></span>re<span class=\"_ _7\"></span>spo<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span>s t<span class=\"_ _7\"></span>o w<span class=\"_ _7\"></span>ha<span class=\"_ _7\"></span>t <span class=\"_ _7\"></span>eac<span class=\"_ _7\"></span>h <span class=\"_ _7\"></span>par<span class=\"_ _7\"></span>ty<span class=\"_ _7\"></span> wo<span class=\"_ _7\"></span>ul<span class=\"_ _7\"></span>d h<span class=\"_ _7\"></span>av<span class=\"_ _7\"></span>e h<span class=\"_ _7\"></span>ad<span class=\"_ _7\"></span> to<span class=\"_ _7\"></span> p<span class=\"_ _7\"></span>ay <span class=\"_ _7\"></span>to<span class=\"_ _7\"></span> ha<span class=\"_ _7\"></span>ve<span class=\"_ _7\"></span> th<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>sam<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>del<span class=\"_ _7\"></span>iv<span class=\"_ _7\"></span>era<span class=\"_ _7\"></span>bl<span class=\"_ _7\"></span>es<span class=\"_ _7\"></span> pr<span class=\"_ _7\"></span>ovi<span class=\"_ _7\"></span>de<span class=\"_ _7\"></span>d b<span class=\"_ _7\"></span>y <span class=\"_ _7\"></span>ex<span class=\"_ _7\"></span>ter<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>l p<span class=\"_ _7\"></span>ar<span class=\"_ _7\"></span>tie<span class=\"_ _7\"></span>s.</span><span style=\"display:inherit;clear:left;\">Other related parties</span><span style=\"display:inherit;clear:left;\">Related parties also comprise Carlsberg A/S\u2019 Supervisory Board and Executive Board, their close family members and companies in </span><span style=\"display:inherit;clear:left;\">which these persons have significant influence. During the year, there were no transactions between these parties and the Group, </span><span style=\"display:inherit;clear:left;\">except for remuneration as disclosed in section 7.2.</span><span style=\"display:inherit;clear:left;\">Related party transactions with associates recognised in the income statement and the statement of financial </span><span style=\"display:inherit;clear:left;\">position</span><span style=\"display:inherit;clear:left;position:relative;height:149.4765625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 50.0039px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Associates</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Revenue</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 578.831px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of sales</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 547.252px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-349</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-676</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sales and distribution expenses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 473.498px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.152px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Interest income</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 552.78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 103.736px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Loans</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 582.979px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">275</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">274</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 120.611px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Receivables</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 555.956px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">249</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.2207px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">215</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.486px; width: 739.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Trade payables and other liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 450.105px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-99</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-75</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__214-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 7.2</span><span style=\"display:inherit;clear:left;\">Remuneration</span><span style=\"display:inherit;clear:left;\">Remuneration</span><span style=\"display:inherit;clear:left;position:relative;height:171.109375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.234px; top: 0.0097656px; width: 291.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Executive directors\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Key management personnel</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 389.355px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.7363px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fixed salary</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 397.283px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29.7</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash bonus</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 401.993px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13.9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">18.2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16.2</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other benefits</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 389.906px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15.7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9.4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.2441px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Remuneration settled in cash</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">35.3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">55.3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-monetary benefits</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 347.109px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Share-based payments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 344.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32.9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">19.0</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20.1</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.869px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Remuneration, non-monetary and share-based</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 230.203px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33.5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">23.8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">24.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20.4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.744px; width: 739.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total cash and non-cash</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 333.791px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">67.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">59.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">94.6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75.7</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 The executive directors are Jacob Aarup-Andersen and Ulrica Fearn.</span><span style=\"display:inherit;clear:left;\">The remuneration of the Supervisory Board, executive directors and key management personnel is described in detail in the </span><span style=\"display:inherit;clear:left;\">Remuneration Report.</span><span style=\"display:inherit;clear:left;\">The remuneration of the executive directors increased, mainly due to an increase in share-based payments, partly offset by lower </span><span style=\"display:inherit;clear:left;\">cash bonus achievement in 2025. The remuneration of key management personnel increased<span class=\"_ _7\"></span> in 2025, partly due to an increase in the </span><span style=\"display:inherit;clear:left;\">number of members in 2024 with full effect in 2025. </span><span style=\"display:inherit;clear:left;\">In 2025, the Supervisory Board received total remuneration of DKK 10.93m (2024: D<span class=\"_ _7\"></span>KK 11.00m), comprising fixed salary only. The </span><span style=\"display:inherit;clear:left;\">total remuneration received by the Supervisory and Executive Boards amounted to DKK 73m (<span class=\"_ _7\"></span>2024: DKK 70.1m).</span><span style=\"display:inherit;clear:left;\">All elements except for share-based payments are classified as short-term employee benefits. Share-based payments are classified </span><span style=\"display:inherit;clear:left;\">as long-term employee benefits.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Staff costs are recognised in the financial year in which the employee renders the related service. </span><span style=\"display:inherit;clear:left;\">The cost of share-based payments, which is expensed over the vesting period of the programme according to the service conditions, </span><span style=\"display:inherit;clear:left;\">is recognised in staff costs and provisions or equity, depending on how the programme is settled with the employees. </span><span style=\"display:inherit;clear:left;\">Key management personnel comprise the Executive Committee, excluding the executive directors. Other management personnel </span><span style=\"display:inherit;clear:left;\">included in the share-based payment schemes comprise vice presidents and other key employees in central functions as well as the </span><span style=\"display:inherit;clear:left;\">management of significant subsidiaries.</span><span style=\"display:inherit;clear:left;\">Section 7.3</span><span style=\"display:inherit;clear:left;\">Share-based payments</span><span style=\"display:inherit;clear:left;\">The Group has set up share-based incentive programmes to attract, retain and motivate the Group\u2019s executive directors and other </span><span style=\"display:inherit;clear:left;\">levels of management personnel, and to align their interests with those of the shareholders. There is no share-based remuneration of </span><span style=\"display:inherit;clear:left;\">the Supervisory Board.</span><span style=\"display:inherit;clear:left;\">The Group has one type of share-based payment known as performance shares.</span><span style=\"display:inherit;clear:left;\">Entitlement to performance shares requires fulfilment of service in the vesting period (3 years) but does not have any exercise price. </span><span style=\"display:inherit;clear:left;\">Instead, the shares are transferred to the recipients based on achievement of the KPIs attached to the shares. </span><span style=\"display:inherit;clear:left;\">Performance shares</span><span style=\"display:inherit;clear:left;\">The number of performance shares granted is the maximum number of performance shares that can vest. The number of shares </span><span style=\"display:inherit;clear:left;\">outstanding at the end of the period is the number expected to vest, based on the extent to which the vesting conditions are expected </span><span style=\"display:inherit;clear:left;\">to be met. The number of shares expected to vest is revised on a regular basis.</span><span style=\"display:inherit;clear:left;\">In 2025, 211 employees (2024: 164 employees) across the Group were awarded performance shares.</span><span style=\"display:inherit;clear:left;\">Vesting is subject to achievement of five KPIs: total shareholder return, adjusted EPS growth, organic revenue growth, growth in </span><span style=\"display:inherit;clear:left;\">ROIC and achievement of ESG targets. The average share price at vesting was DKK 859<span class=\"_ _7\"></span> (2024: DKK 939). The average contractual </span><span style=\"display:inherit;clear:left;\">life at the end of 2025 was 1.4 years (2024: 1.4 years). </span><span style=\"display:inherit;clear:left;\">Performance shares</span><span style=\"display:inherit;clear:left;position:relative;height:191.25px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 541.391px; top: 0.0097656px; width: 21.3398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Key </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 0.0097656px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 424.156px; top: 13.5098px; width: 47.6309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Executive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 497.203px; top: 13.5098px; width: 64.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">management </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 588.047px; top: 13.5098px; width: 64.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">management </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.234px; top: 27.0098px; width: 40.8574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">directors</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 513.844px; top: 27.0098px; width: 45.8789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">personnel</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 27.0098px; width: 138.205px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">personnel\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 44.002px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2023</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 353.268px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">49,898</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">41,107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">290,099</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">381,104</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 60.877px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Granted</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 399.386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,500</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,311</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109,773</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">193,584</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 77.752px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Forfeited/adjusted/transferred</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.348px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,942</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18,776</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-69,172</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-90,890</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 94.627px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exercised/settled</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 387.101px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-12,978</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-85,464</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-98,442</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 111.385px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 349.875px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">87,456</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">52,664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">245,236</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">385,356</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 128.377px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Granted</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 404.666px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">49,172</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46,591</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">213,714</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">309,477</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 145.252px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Forfeited/adjusted/transferred</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.344px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-19,976</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47,674</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-82,560</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 162.127px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exercised/settled</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 360.908px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-16,947</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-85,522</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-111,293</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 178.885px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 348.457px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112,894</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">62,332</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">325,754</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">500,980</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Including retired employees.</span><span style=\"display:inherit;clear:left;\">Performance share disclosures</span><span style=\"display:inherit;clear:left;position:relative;height:98.8515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at grant date</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">160</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of shares granted in the year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 461.812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total cost of performance shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 459.697px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost not yet recognised</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 504.739px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">135</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">173</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.311px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">375</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">181</span></span></span><span style=\"display:inherit;clear:left;\">Key information</span><span style=\"display:inherit;clear:left;position:relative;height:137.1015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 584.656px; top: 0.0097656px; width: 93.5977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Performance shares</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.6191px; width: 59.8535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Assumptions</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 742.119px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected volatility</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.018px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">22% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 741.949px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Risk-free interest rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.929px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2.4% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected dividend yield</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.854px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0/3.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0/2.9%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected life, years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at measurement date</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 417.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK 576-859</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">DKK 529-930</span></span></span></span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The volatility of performance shares is based on the historical volatility of the price of Carlsberg A/S\u2019 class B shares over the </span><span style=\"display:inherit;clear:left;\">previous three years.  </span><span style=\"display:inherit;clear:left;\">The share price is calculated as the average price of Carlsberg A/S\u2019 class B shares on Nasdaq Copenhagen during the first five </span><span style=\"display:inherit;clear:left;\">trading days after publication of Carlsberg A/S\u2019 financial statements. </span><span style=\"display:inherit;clear:left;\">The risk-free interest rate is based on Danish government bonds of the relevant maturity. The expected life is based on exercise at </span><span style=\"display:inherit;clear:left;\">the end of the vesting period.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">The fair value of granted performance shares is estimated using a stochastic (quasi-Monte Carlo) valuation model of market </span><span style=\"display:inherit;clear:left;\">conditions and a Black-Scholes call option-pricing model of non-market and service conditions, taking into account the terms and </span><span style=\"display:inherit;clear:left;\">conditions upon which the performance shares were granted. The market condition is based on a ranking of the total shareholder </span><span style=\"display:inherit;clear:left;\">return of Carlsberg A/S\u2019 class B shares versus a peer group of publicly traded companies in the alcoholic beverage sector. </span><span style=\"display:inherit;clear:left;\">On initial recognition of performance shares, the number of awards expected to vest is estimated and subsequently revised for any </span><span style=\"display:inherit;clear:left;\">changes. Accordingly, recognition is based on the number of awards that ultimately vest.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__209-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Staff costs are recognised in the financial year in which the employee renders the related service. </span><span style=\"display:inherit;clear:left;\">The cost of share-based payments, which is expensed over the vesting period of the programme according to the service conditions, </span><span style=\"display:inherit;clear:left;\">is recognised in staff costs and provisions or equity, depending on how the programme is settled with the employees. </span><span style=\"display:inherit;clear:left;\">Key management personnel comprise the Executive Committee, excluding the executive directors. Other management personnel </span><span style=\"display:inherit;clear:left;\">included in the share-based payment schemes comprise vice presidents and other key employees in central functions as well as the </span><span style=\"display:inherit;clear:left;\">management of significant subsidiaries.</span><span style=\"display:inherit;clear:left;\">The fair value of granted performance shares is estimated using a stochastic (quasi-Monte Carlo) valuation model of market </span><span style=\"display:inherit;clear:left;\">conditions and a Black-Scholes call option-pricing model of non-market and service conditions, taking into account the terms and </span><span style=\"display:inherit;clear:left;\">conditions upon which the performance shares were granted. The market condition is based on a ranking of the total shareholder </span><span style=\"display:inherit;clear:left;\">return of Carlsberg A/S\u2019 class B shares versus a peer group of publicly traded companies in the alcoholic beverage sector. </span><span style=\"display:inherit;clear:left;\">On initial recognition of performance shares, the number of awards expected to vest is estimated and subsequently revised for any </span><span style=\"display:inherit;clear:left;\">changes. Accordingly, recognition is based on the number of awards that ultimately vest.</span><span style=\"display:inherit;clear:left;\">Contributions paid to a defined contribution plan are recognised in the income statement in the period during which services are </span><span style=\"display:inherit;clear:left;\">rendered by employees. Any contributions outstanding are recognised in the statement of financial position as other liabilities. </span><span style=\"display:inherit;clear:left;\">The Group\u2019s net obligation recognised in the statement of financial position in respect of defined benefit plans is the present value </span><span style=\"display:inherit;clear:left;\">of the defined benefit obligation at the reporting date less the fair value of plan assets calculated by a qualified actuary. </span><span style=\"display:inherit;clear:left;\">The present value is determined separately for each plan by discounting the estimated future benefits that employees have earned </span><span style=\"display:inherit;clear:left;\">in return for their service in the current and prior years. </span><span style=\"display:inherit;clear:left;\">The costs of a defined benefit plan are recognised in the income statement and include service costs, net interest based on actuarial </span><span style=\"display:inherit;clear:left;\">estimates and financial expectations. </span><span style=\"display:inherit;clear:left;\">Service costs comprise current service cost and past service cost. Current service cost is the increase in the present value of the </span><span style=\"display:inherit;clear:left;\">defined benefit obligation resulting from employee services in the current period. Past service cost is the change in the present value </span><span style=\"display:inherit;clear:left;\">of the obligation regarding employee services in prior years that arises from a plan amendment or a curtailment. Past service costs </span><span style=\"display:inherit;clear:left;\">are recognised immediately, provided employees have already earned the changed benefits. </span><span style=\"display:inherit;clear:left;\">Realised gains and losses on curtailment or settlement are recognised under staff costs. </span><span style=\"display:inherit;clear:left;\">In<span class=\"_ _0\"></span>ter<span class=\"_ _7\"></span>es<span class=\"_ _0\"></span>t o<span class=\"_ _7\"></span>n <span class=\"_ _7\"></span>re<span class=\"_ _0\"></span>tir<span class=\"_ _7\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span> be<span class=\"_ _7\"></span>ne<span class=\"_ _7\"></span>fi<span class=\"_ _0\"></span>t o<span class=\"_ _7\"></span>bl<span class=\"_ _0\"></span>iga<span class=\"_ _7\"></span>ti<span class=\"_ _7\"></span>on<span class=\"_ _0\"></span>s a<span class=\"_ _7\"></span>nd<span class=\"_ _7\"></span> t<span class=\"_ _7\"></span>he<span class=\"_ _0\"></span> in<span class=\"_ _7\"></span>te<span class=\"_ _0\"></span>res<span class=\"_ _7\"></span>t <span class=\"_ _0\"></span>on <span class=\"_ _7\"></span>re<span class=\"_ _0\"></span>tur<span class=\"_ _7\"></span>n <span class=\"_ _0\"></span>on <span class=\"_ _7\"></span>pl<span class=\"_ _7\"></span>an<span class=\"_ _0\"></span> as<span class=\"_ _7\"></span>se<span class=\"_ _7\"></span>ts<span class=\"_ _0\"></span> ar<span class=\"_ _7\"></span>e <span class=\"_ _7\"></span>re<span class=\"_ _0\"></span>cog<span class=\"_ _7\"></span>ni<span class=\"_ _0\"></span>sed<span class=\"_ _7\"></span> a<span class=\"_ _7\"></span>s <span class=\"_ _7\"></span>fi<span class=\"_ _0\"></span>nan<span class=\"_ _7\"></span>ci<span class=\"_ _0\"></span>al <span class=\"_ _7\"></span>in<span class=\"_ _7\"></span>co<span class=\"_ _0\"></span>me <span class=\"_ _7\"></span>or<span class=\"_ _0\"></span> fi<span class=\"_ _7\"></span>na<span class=\"_ _7\"></span>nc<span class=\"_ _0\"></span>ial<span class=\"_ _7\"></span> e<span class=\"_ _0\"></span>xpe<span class=\"_ _7\"></span>ns<span class=\"_ _0\"></span>es.<span class=\"_ _7\"></span> </span><span style=\"display:inherit;clear:left;\">Differences between the development in retirement benefit assets and liabilities and realised amounts at year-end are designated </span><span style=\"display:inherit;clear:left;\">as actuarial gains or losses and recognised in other comprehensive income. As they will never be reclassified to the income </span><span style=\"display:inherit;clear:left;\">statement, they are included in retained earnings. </span><span style=\"display:inherit;clear:left;\">If a retirement benefit plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead </span><span style=\"display:inherit;clear:left;\">to reduced future payments to the plan.</span><span style=\"display:inherit;clear:left;\">Realised gains and losses on the adjustment of retirement benefit obligations as a result of termination of a significant number of </span><span style=\"display:inherit;clear:left;\">positions in connection with restructurings are recognised under special items.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__217": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 7.3</span><span style=\"display:inherit;clear:left;\">Share-based payments</span><span style=\"display:inherit;clear:left;\">The Group has set up share-based incentive programmes to attract, retain and motivate the Group\u2019s executive directors and other </span><span style=\"display:inherit;clear:left;\">levels of management personnel, and to align their interests with those of the shareholders. There is no share-based remuneration of </span><span style=\"display:inherit;clear:left;\">the Supervisory Board.</span><span style=\"display:inherit;clear:left;\">The Group has one type of share-based payment known as performance shares.</span><span style=\"display:inherit;clear:left;\">Entitlement to performance shares requires fulfilment of service in the vesting period (3 years) but does not have any exercise price. </span><span style=\"display:inherit;clear:left;\">Instead, the shares are transferred to the recipients based on achievement of the KPIs attached to the shares. </span><span style=\"display:inherit;clear:left;\">Performance shares</span><span style=\"display:inherit;clear:left;\">The number of performance shares granted is the maximum number of performance shares that can vest. The number of shares </span><span style=\"display:inherit;clear:left;\">outstanding at the end of the period is the number expected to vest, based on the extent to which the vesting conditions are expected </span><span style=\"display:inherit;clear:left;\">to be met. The number of shares expected to vest is revised on a regular basis.</span><span style=\"display:inherit;clear:left;\">In 2025, 211 employees (2024: 164 employees) across the Group were awarded performance shares.</span><span style=\"display:inherit;clear:left;\">Vesting is subject to achievement of five KPIs: total shareholder return, adjusted EPS growth, organic revenue growth, growth in </span><span style=\"display:inherit;clear:left;\">ROIC and achievement of ESG targets. The average share price at vesting was DKK 859<span class=\"_ _7\"></span> (2024: DKK 939). The average contractual </span><span style=\"display:inherit;clear:left;\">life at the end of 2025 was 1.4 years (2024: 1.4 years). </span><span style=\"display:inherit;clear:left;\">Performance shares</span><span style=\"display:inherit;clear:left;position:relative;height:191.25px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 541.391px; top: 0.0097656px; width: 21.3398px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Key </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 0.0097656px; width: 29.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 424.156px; top: 13.5098px; width: 47.6309px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Executive </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 497.203px; top: 13.5098px; width: 64.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">management </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 588.047px; top: 13.5098px; width: 64.6113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">management </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 428.234px; top: 27.0098px; width: 40.8574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">directors</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 513.844px; top: 27.0098px; width: 45.8789px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">personnel</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 27.0098px; width: 138.205px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">personnel\u00b9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 44.002px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2023</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 353.268px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">49,898</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">41,107</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">290,099</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">381,104</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 60.877px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Granted</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 399.386px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,500</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">43,311</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">109,773</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 55.5938px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">193,584</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 77.752px; width: 739.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Forfeited/adjusted/transferred</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.348px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2,942</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-18,776</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-69,172</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-90,890</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 94.627px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exercised/settled</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 387.101px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-12,978</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-85,464</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-98,442</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 111.385px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2024</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 349.875px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">87,456</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">52,664</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.6386px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">245,236</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.2284px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">385,356</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 128.377px; width: 739.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Granted</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 404.666px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">49,172</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46,591</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">213,714</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">309,477</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 145.252px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Forfeited/adjusted/transferred</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.344px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-14,910</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-19,976</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47,674</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-82,560</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 162.127px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Exercised/settled</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 360.908px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-8,824</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-16,947</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-85,522</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-111,293</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 178.885px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">31 December 2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 348.457px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112,894</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">62,332</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 52.3125px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">325,754</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2636px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">500,980</span></span></span><span style=\"display:inherit;clear:left;\">\u00b9 Including retired employees.</span><span style=\"display:inherit;clear:left;\">Performance share disclosures</span><span style=\"display:inherit;clear:left;position:relative;height:98.8515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.3613px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at grant date</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">160</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">105</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost of shares granted in the year</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 461.812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">38</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total cost of performance shares</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 459.697px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">128</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cost not yet recognised</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 504.739px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">135</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">173</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at 31 December</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 492.311px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">375</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.5858px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">181</span></span></span><span style=\"display:inherit;clear:left;\">Key information</span><span style=\"display:inherit;clear:left;position:relative;height:137.1015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 584.656px; top: 0.0097656px; width: 93.5977px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Performance shares</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 21.3848px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.6191px; width: 59.8535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Assumptions</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.6113px; width: 742.119px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected volatility</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 521.018px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">22% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 91.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">21% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.4863px; width: 741.949px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Risk-free interest rate</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 506.929px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">1.7% </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">2.4% </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.3613px; width: 739.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected dividend yield</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 476.854px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0/3.2%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">0.0/2.9%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.236px; width: 739.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Expected life, years</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 527.092px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2.1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3.0</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 125.111px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Fair value at measurement date</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 417.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-1\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK 576-859</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.1679px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">DKK 529-930</span></span></span></span><span style=\"display:inherit;clear:left;\">Accounting estimates and judgements</span><span style=\"display:inherit;clear:left;\">The volatility of performance shares is based on the historical volatility of the price of Carlsberg A/S\u2019 class B shares over the </span><span style=\"display:inherit;clear:left;\">previous three years.  </span><span style=\"display:inherit;clear:left;\">The share price is calculated as the average price of Carlsberg A/S\u2019 class B shares on Nasdaq Copenhagen during the first five </span><span style=\"display:inherit;clear:left;\">trading days after publication of Carlsberg A/S\u2019 financial statements. </span><span style=\"display:inherit;clear:left;\">The risk-free interest rate is based on Danish government bonds of the relevant maturity. The expected life is based on exercise at </span><span style=\"display:inherit;clear:left;\">the end of the vesting period.</span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">The fair value of granted performance shares is estimated using a stochastic (quasi-Monte Carlo) valuation model of market </span><span style=\"display:inherit;clear:left;\">conditions and a Black-Scholes call option-pricing model of non-market and service conditions, taking into account the terms and </span><span style=\"display:inherit;clear:left;\">conditions upon which the performance shares were granted. The market condition is based on a ranking of the total shareholder </span><span style=\"display:inherit;clear:left;\">return of Carlsberg A/S\u2019 class B shares versus a peer group of publicly traded companies in the alcoholic beverage sector. </span><span style=\"display:inherit;clear:left;\">On initial recognition of performance shares, the number of awards expected to vest is estimated and subsequently revised for any </span><span style=\"display:inherit;clear:left;\">changes. Accordingly, recognition is based on the number of awards that ultimately vest.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__218": {
   "value": "<span style=\"display:inherit;clear:left;\">The fair value of granted performance shares is estimated using a stochastic (quasi-Monte Carlo) valuation model of market </span><span style=\"display:inherit;clear:left;\">conditions and a Black-Scholes call option-pricing model of non-market and service conditions, taking into account the terms and </span><span style=\"display:inherit;clear:left;\">conditions upon which the performance shares were granted. The market condition is based on a ranking of the total shareholder </span><span style=\"display:inherit;clear:left;\">return of Carlsberg A/S\u2019 class B shares versus a peer group of publicly traded companies in the alcoholic beverage sector. </span><span style=\"display:inherit;clear:left;\">On initial recognition of performance shares, the number of awards expected to vest is estimated and subsequently revised for any </span><span style=\"display:inherit;clear:left;\">changes. Accordingly, recognition is based on the number of awards that ultimately vest.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__222": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 8.1</span><span style=\"display:inherit;clear:left;\">Hyperinflation</span><span style=\"display:inherit;clear:left;\">In November 2025, the Laotian economy was assessed as no longer hyperinflationary. Consequently, the application of </span><span style=\"display:inherit;clear:left;\">hyperinflation accounting for Lao Brewery was discontinued from H1 2025, which was the most recent reported financial statements </span><span style=\"display:inherit;clear:left;\">that included hyperinflation adjustments. At the end of 2024, the economy of Laos had been deemed to be hyperinflationary, and </span><span style=\"display:inherit;clear:left;\">the financial reporting for the Group\u2019s entity Lao Brewery was adjusted effective 1 January 2024.</span><span style=\"display:inherit;clear:left;\">Amounts previously restated under hyperinflation accounting remain as the carrying amounts of non-monetary items such as  </span><span style=\"display:inherit;clear:left;\">goodwill, brands and property, plant and equipment, and will continue to form the basis for subsequent depreciation and </span><span style=\"display:inherit;clear:left;\">amortisation. Prior restatements are not reversed.</span><span style=\"display:inherit;clear:left;\">From the date of discontinuation, financial statements have been prepared under normal historical cost measurement principles. </span><span style=\"display:inherit;clear:left;\">Comparative figures for periods when hyperinflation accounting applied are not restated. The cessation of hyperinflation accounting </span><span style=\"display:inherit;clear:left;\">does not impact organic performance measures. </span><span style=\"display:inherit;clear:left;\">In 2025, the impact on the Group\u2019s income statement and statement of cash flows continued to be immaterial. Goodwill and brands </span><span style=\"display:inherit;clear:left;\">were primarily impacted by currencies in 2025. Property, plant and equipment were negatively impacted by the higher depreciation </span><span style=\"display:inherit;clear:left;\">resulting from the restatement in 2024. Total impact on profit for the period was DKK<span class=\"_ _7\"></span> -119m.</span><span style=\"display:inherit;clear:left;position:relative;height:183.2265625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 333.984px; top: 0.0097656px; width: 99.3223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Inflation restatement</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.875px; top: 30.4941px; width: 64.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025 (before </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 310.594px; top: 30.4941px; width: 72.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-monetary </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 385.875px; top: 30.4941px; width: 87.457px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Income statement </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 30.4941px; width: 54.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Period-end </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 43.9941px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.875px; top: 43.9941px; width: 61.0371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">restatement)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 355.062px; top: 43.9941px; width: 25.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">items</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 443.969px; top: 43.9941px; width: 25.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">items</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 499.547px; top: 43.9941px; width: 239.807px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">retranslation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 14.2676px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025 (reported)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 60.8691px; width: 20.3848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">P&amp;L</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 77.8613px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Revenue</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 221.619px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89,172</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-110</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-77</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.4864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89,095</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 94.7363px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating profit before special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-39</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-160</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,356</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 111.611px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit for the period</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.848px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7,097</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-104</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">16</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-31</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-119</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,978</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 137.369px; width: 69.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Attributable to</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 154.361px; width: 739.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-controlling interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.699px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,069</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-40</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-12</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,023</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 171.236px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shareholders in Carlsberg A/S (net profit)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6,028</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-64</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-19</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-73</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,955</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:152.7421875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.875px; top: 0.0097656px; width: 64.7871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024 (before </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 310.594px; top: 0.0097656px; width: 72.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-monetary </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 385.875px; top: 0.0097656px; width: 87.457px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Income statement </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 0.0097656px; width: 54.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Period-end </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 13.5098px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.875px; top: 13.5098px; width: 61.0371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">restatement)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 355.062px; top: 13.5098px; width: 25.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">items</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 443.969px; top: 13.5098px; width: 25.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">items</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 499.547px; top: 13.5098px; width: 239.836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">retranslation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 14.2676px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024 (reported)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.3848px; width: 20.3848px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">P&amp;L</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Revenue</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 220.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">74,796</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">144</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">71</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">215</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">75,011</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating profit before special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,486</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-75</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,411</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 81.127px; width: 739.934px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Profit for the period</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 169.5px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,266</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-71</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10,263</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 106.885px; width: 69.668px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Attributable to</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 123.877px; width: 739.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-controlling interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,148</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-28</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">21</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.6582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,147</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 140.752px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Shareholders in Carlsberg A/S (net profit)</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,118</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-43</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,116</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:240.859375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 333.812px; top: 0.0097656px; width: 99.3223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Inflation restatement</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.656px; top: 19.2441px; width: 75.9082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Restatement of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 312.312px; top: 32.7441px; width: 69.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">non-monetary </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 405.031px; top: 32.7441px; width: 64.2129px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depreciation/</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.953px; top: 46.2441px; width: 64.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025 (before </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 350.734px; top: 46.2441px; width: 31.0078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">items, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 408.406px; top: 46.2441px; width: 63.457px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">unwinding of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 507.391px; top: 46.2441px; width: 54.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Period-end </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 59.7441px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.953px; top: 59.7441px; width: 61.0371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">restatement)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 320.625px; top: 59.7441px; width: 59.7773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">accumulated</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 411.594px; top: 59.7441px; width: 57.7559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">deferred tax</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 499.625px; top: 59.7441px; width: 239.807px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">retranslation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 14.2676px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025 (reported)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 76.6191px; width: 81.9785px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial position</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 93.6113px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 218.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57,829</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,495</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,495</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.4904px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">59,324</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 110.486px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 229.119px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,545</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,645</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 127.361px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 120.486px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,150</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">756</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">630</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.0273px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">32,780</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 144.119px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 199.131px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">151,730</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,225</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">153,955</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 161.111px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Equity, shareholders in Carlsberg A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26,536</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,322</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-63</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,268</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,804</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 177.986px; width: 739.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-controlling interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.699px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,061</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">847</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-41</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4688px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">811</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,872</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 194.744px; width: 739.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total equity</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 200.027px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,597</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,169</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-104</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">14</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,079</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.0877px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,676</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 211.736px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,529</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">182</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">146</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8,675</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 228.494px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total equity and liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.291px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">151,730</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,351</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,225</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.1054px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">153,955</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:221.625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 306.656px; top: 0.0097656px; width: 75.9082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Restatement of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 312.312px; top: 13.5098px; width: 69.9141px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">non-monetary </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 405.031px; top: 13.5098px; width: 64.2129px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depreciation/</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.953px; top: 27.0098px; width: 64.7871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024 (before </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 350.734px; top: 27.0098px; width: 31.0078px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">items, </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 408.406px; top: 27.0098px; width: 63.457px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">unwinding of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 507.391px; top: 27.0098px; width: 54.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Period-end </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 40.5098px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.953px; top: 40.5098px; width: 61.0371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">restatement)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 320.625px; top: 40.5098px; width: 59.7773px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">accumulated</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 411.594px; top: 40.5098px; width: 57.7559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">deferred tax</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 499.625px; top: 40.5098px; width: 239.836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">retranslation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 14.2676px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024 (reported)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 57.3848px; width: 81.9785px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Financial position</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 74.377px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Goodwill</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 216.527px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">40,590</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,668</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,668</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.6406px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">42,258</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 91.252px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brands</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 231.609px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,583</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">112</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9,695</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 108.127px; width: 739.594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Property, plant and equipment</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.591px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">,232</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">983</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">821</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.9767px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,053</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 124.885px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total assets</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.158px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">111,391</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,763</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,601</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113,992</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 141.877px; width: 739.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Equity, shareholders in Carlsberg A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.375px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26,298</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,550</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-74</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,473</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">27,771</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 158.752px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-controlling interests</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.699px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1,899</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">991</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-47</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.5721px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">942</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,841</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 175.51px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total equity</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 202.312px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28,197</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,541</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.9608px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-121</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.1875px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,415</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.0273px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">30,612</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 192.502px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Deferred tax liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,895</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.7051px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">222</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-32</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.127px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">186</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.1875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,081</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 209.26px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total equity and liabilities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.301px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">111,391</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,763</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.4884px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2,601</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.373px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">113,992</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:142.984375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 333.984px; top: 0.0097656px; width: 99.3223px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Inflation restatement</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.875px; top: 19.2441px; width: 64.7578px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2025 (before </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 310.594px; top: 19.2441px; width: 72.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-monetary </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 385.875px; top: 19.2441px; width: 87.457px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Income statement </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 19.2441px; width: 54.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Period-end </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.875px; top: 32.7441px; width: 61.0371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">restatement)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 355.062px; top: 32.7441px; width: 25.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">items</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 443.969px; top: 32.7441px; width: 25.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">items</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 499.547px; top: 32.7441px; width: 239.807px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">retranslation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 14.2676px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025 (reported)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.6191px; width: 51.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash flows</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.6113px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating profit before special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,516</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-39</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.5821px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-160</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.3085px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13,356</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.4863px; width: 200.25px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depreciation, amortisation and impairment </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 96.9863px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 236.596px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,302</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">136</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.5233px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-10</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">126</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5,428</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 113.861px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other non-cash items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 167.994px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-606</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-15</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.4159px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">49</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.1074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">34</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-572</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 130.619px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash flow from operating activities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,431</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.6895px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">12,431</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:123.75px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.875px; top: 0.0097656px; width: 64.7871px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">2024 (before </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 310.594px; top: 0.0097656px; width: 72.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-monetary </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 385.875px; top: 0.0097656px; width: 87.457px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Income statement </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 0.0097656px; width: 54.5625px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Period-end </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 13.5098px; width: 56.1035px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 227.875px; top: 13.5098px; width: 61.0371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">restatement)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 355.062px; top: 13.5098px; width: 25.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">items</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 443.969px; top: 13.5098px; width: 25.4531px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">items</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 499.547px; top: 13.5098px; width: 239.836px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">retranslation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 4.91017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Total adjustments</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 14.2676px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024 (reported)</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.3848px; width: 51.3164px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash flows</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 47.377px; width: 739.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Operating profit before special items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 95.2852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,486</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.0116px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.4571px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-75</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,411</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.252px; width: 200.25px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Depreciation, amortisation and impairment </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 77.752px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">losses</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 235.605px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,208</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.9668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">153</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0585px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">9</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">162</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.2147px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4,370</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 94.627px; width: 739.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other non-cash items</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-548</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.9864px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-61</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.006px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-26</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.2616px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-87</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-635</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 111.385px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cash flow from operating activities</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.033px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,312</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0096px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.4415px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">-</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">11,312</span></span></span><span style=\"display:inherit;clear:left;\">Accounting policies</span><span style=\"display:inherit;clear:left;\">Income statement </span><span style=\"display:inherit;clear:left;\">Transactions in the period have been restated to reflect changes in the price index from the time of initial recognition to the end of </span><span style=\"display:inherit;clear:left;\">the reporting period, with the exception of depreciation, which has been recalculated based on the inflation-adjusted carrying </span><span style=\"display:inherit;clear:left;\">amount of the restated non-monetary assets. </span><span style=\"display:inherit;clear:left;\">Non-monetary items </span><span style=\"display:inherit;clear:left;\">Non-monetary items \u2013 such as goodwill, brands, property, plant and equipment and deferred tax \u2013 have been restated to take </span><span style=\"display:inherit;clear:left;\">account of inflation since initial recognition, which was no earlier than September 2011, when the Group gained control of the </span><span style=\"display:inherit;clear:left;\">business, and up to 30 June 2025. </span><span style=\"display:inherit;clear:left;\">Monetary items </span><span style=\"display:inherit;clear:left;\">Monetary items, mainly consisting of receivables and payables, are not subject to restatement, as the carrying amount already </span><span style=\"display:inherit;clear:left;\">reflects the purchasing power at the reporting date. </span><span style=\"display:inherit;clear:left;\">Equity </span><span style=\"display:inherit;clear:left;\">Equity includes the restatement adjustment of non-monetary items at the beginning of the period. The restatement adjustment for </span><span style=\"display:inherit;clear:left;\">inflation in the reporting period has been recognised in other comprehensive income. </span><span style=\"display:inherit;clear:left;\">Statement of cash flows</span><span style=\"display:inherit;clear:left;\">In the statement of cash flows, operating profit before special items includes a non-cash effect from the inflation restatement, </span><span style=\"display:inherit;clear:left;\">which has been reversed in the line other non-cash items. </span><span style=\"display:inherit;clear:left;\">Price index</span><span style=\"display:inherit;clear:left;\">The hyperinflation restatement of the financial statements of Lao Brewery has been performed by applying the development in the </span><span style=\"display:inherit;clear:left;\">consumer price index provided by the Bank of Laos, calculated as an average year-to-date conversion factor until the point of </span><span style=\"display:inherit;clear:left;\">discontinuing hyperinflation accounting in H1 2025. As of H1 2025, the inflation rate in Laos decreased to<span class=\"_ _7\"></span> 7.2% (2024: 21.3%). </span><span style=\"display:inherit;clear:left;\">Retranslation from LAK to DKK </span><span style=\"display:inherit;clear:left;\">The financial statements of Lao Brewery, including restatement adjustments, have been translated into DKK by applying the LAK/</span><span style=\"display:inherit;clear:left;\">DKK exchange rate at the reporting date, instead of the Group\u2019s normal practice of translating the income statement using the </span><span style=\"display:inherit;clear:left;\">exchange rate at the transaction date or a monthly average exchange rate. The LAK/DKK exchange rate decreased from </span><span style=\"display:inherit;clear:left;\">0.0003299 at the beginning of the year to 0.0002955 at 30 June 2025. The average rate was 0.0003015.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__223": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 8.2</span><span style=\"display:inherit;clear:left;\">Fees to auditors</span><span style=\"display:inherit;clear:left;\">Fees to auditors appointed by the Annual General Meeting</span><span style=\"display:inherit;clear:left;position:relative;height:115.99609375px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0097656px; width: 739.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">DKK million</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.607px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2025</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.1017px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2024</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 19.2441px; width: 136.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">PwC, including network firms</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 36.2363px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Statutory audit</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 546.041px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.664px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">31</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 53.1113px; width: 739.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Assurance engagements</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 509.501px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">6</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 69.9863px; width: 739.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tax advisory</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 562.669px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 86.8613px; width: 739.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Other services</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 557.168px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 105.881px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Total</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 590.824px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">57</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 10.5px; font-family: ffc; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">44</span></span></span><span style=\"display:inherit;clear:left;\">Fees for services other than the statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret </span><span style=\"display:inherit;clear:left;\">Revisionspartnerselskab, Denmark, amounted to DKK 8m (2024: DKK 7m). This covers other assurance opinions, including limited </span><span style=\"display:inherit;clear:left;\">assurance on the sustainability statement, agreed-upon procedures as well as tax-, accounting- and compliance-related services.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__333": {
   "value": "Carlsberg Foundation",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__332": {
   "value": "Carlsberg Foundation",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__225": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 8.4</span><span style=\"display:inherit;clear:left;\">Events after the reporting period</span><span style=\"display:inherit;clear:left;\">Apart from the events recognised or disclosed in the consolidated financial statements, no events have occurred after the reporting </span><span style=\"display:inherit;clear:left;\">period of importance to the consolidated financial statements.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__231": {
   "value": "<span style=\"display:inherit;clear:left;\">The Group\u2019s consolidated financial statements for 2025 have been prepared in accordance with IFRS Accounting Standards as </span><span style=\"display:inherit;clear:left;\">adopted by the EU and further requirements in the Danish Financial Statements Act.</span><span style=\"display:inherit;clear:left;\">The consolidated financial statements are presented in Danish kroner (DKK), which is the Parent Company\u2019s functional currency, and </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">all values are rounded to the nearest DKK million, unless otherwise stated.</span></span> </span><span style=\"display:inherit;clear:left;\">The accounting policies set out below have been used consistently in respect of the financial year and the comparative figures.</span><span style=\"display:inherit;clear:left;\">Defining materiality</span><span style=\"display:inherit;clear:left;\">Significant items are presented individually in the financial statements as required by IAS 1. Other items that are considered relevant </span><span style=\"display:inherit;clear:left;\">to stakeholders and necessary for an understanding of the Group\u2019s business model, including research, real estate and geographical </span><span style=\"display:inherit;clear:left;\">diversity, are also presented individually in the financial statements.</span><span style=\"display:inherit;clear:left;\">The consolidated financial statements are prepared as a consolidation of the financial statements of the Parent Company, <span class=\"_ _7\"></span>Carlsberg </span><span style=\"display:inherit;clear:left;\">A/S, and its subsidiaries according to the Group\u2019s accounting policies.</span><span style=\"display:inherit;clear:left;\">Subsidiaries are all the entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has </span><span style=\"display:inherit;clear:left;\">rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct </span><span style=\"display:inherit;clear:left;\">the activities of the entity.</span><span style=\"display:inherit;clear:left;\">Entities over which the Group exercises significant influence, but which it does not control, are considered associates. Significant </span><span style=\"display:inherit;clear:left;\">influence is generally obtained by direct or indirect ownership or control of less than 50% of the voting rights or participation in the </span><span style=\"display:inherit;clear:left;\">management of the company. The assessment of whether Carlsberg A/S exercises control or significant influence includes potential </span><span style=\"display:inherit;clear:left;\">voting rights exercisable at the reporting date. Entities that by agreement are managed jointly with one or more other parties are </span><span style=\"display:inherit;clear:left;\">considered joint ventures. </span><span style=\"display:inherit;clear:left;\">On consolidati<span class=\"_ _7\"></span>on, intra-group inc<span class=\"_ _7\"></span>ome and expenses, shar<span class=\"_ _7\"></span>eholdings, balances an<span class=\"_ _7\"></span>d dividends, and reali<span class=\"_ _7\"></span>sed and unrealised gain<span class=\"_ _7\"></span>s are </span><span style=\"display:inherit;clear:left;\">eliminated. Un<span class=\"_ _7\"></span>realised gains on tran<span class=\"_ _7\"></span>sactions with associa<span class=\"_ _7\"></span>tes are eliminated in<span class=\"_ _7\"></span> proportion to the G<span class=\"_ _7\"></span>roup\u2019s ownership shar<span class=\"_ _7\"></span>e of the entity.</span><span style=\"display:inherit;clear:left;\">Unrealised losses are eliminated in the same way as unrealised gains to the extent that impairment has not taken place. </span><span style=\"display:inherit;clear:left;\">The accounting items of subsidiaries are included in full in the consolidated financial statements. Non-controlling interests\u2019 share of </span><span style=\"display:inherit;clear:left;\">subsidiaries\u2019 profit/loss for the year and of equity is included in the Group\u2019s profit/loss and equity but is disclosed separately. Entities </span><span style=\"display:inherit;clear:left;\">acquired or established during the year are recognised in the consolidated financial statements from the date of acquisition or </span><span style=\"display:inherit;clear:left;\">formation. Entities disposed of or discontinued are recognised in the consolidated income statement until the date of disposal or </span><span style=\"display:inherit;clear:left;\">discontinuation. The comparative figures are not restated.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__230": {
   "value": "<span style=\"display:inherit;clear:left;\">The Group\u2019s consolidated financial statements for 2025 have been prepared in accordance with IFRS Accounting Standards as </span><span style=\"display:inherit;clear:left;\">adopted by the EU and further requirements in the Danish Financial Statements Act.</span><span style=\"display:inherit;clear:left;\">The consolidated financial statements are presented in Danish kroner (DKK), which is the Parent Company\u2019s functional currency, and </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">all values are rounded to the nearest DKK million, unless otherwise stated.</span></span> </span><span style=\"display:inherit;clear:left;\">The accounting policies set out below have been used consistently in respect of the financial year and the comparative figures.</span><span style=\"display:inherit;clear:left;\">Defining materiality</span><span style=\"display:inherit;clear:left;\">Significant items are presented individually in the financial statements as required by IAS 1. Other items that are considered relevant </span><span style=\"display:inherit;clear:left;\">to stakeholders and necessary for an understanding of the Group\u2019s business model, including research, real estate and geographical </span><span style=\"display:inherit;clear:left;\">diversity, are also presented individually in the financial statements.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__228": {
   "value": "<span style=\"display:inherit;clear:left;\">The Group\u2019s consolidated financial statements for 2025 have been prepared in accordance with IFRS Accounting Standards as </span><span style=\"display:inherit;clear:left;\">adopted by the EU and further requirements in the Danish Financial Statements Act.</span>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__229": {
   "value": "<span style=\"display:inherit;clear:left;\">The consolidated financial statements are presented in Danish kroner (DKK), which is the Parent Company\u2019s functional currency, and </span><span style=\"display:inherit;clear:left;\">all values are rounded to the nearest DKK million, unless otherwise stated.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__232": {
   "value": "<span style=\"display:inherit;clear:left;\">Foreign currency translation </span><span style=\"display:inherit;clear:left;\">A functional currency is determined for each of the reporting entities in the Group. The functional currency is the primary currency </span><span style=\"display:inherit;clear:left;\">used for the reporting entity\u2019s operations. Transactions denominated in currencies other than the functional currency are considered </span><span style=\"display:inherit;clear:left;\">transactions denominated in foreign currencies.</span><span style=\"display:inherit;clear:left;\">On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates </span><span style=\"display:inherit;clear:left;\">at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of </span><span style=\"display:inherit;clear:left;\">payment are recognised as financial income or expenses.</span><span style=\"display:inherit;clear:left;\">Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the </span><span style=\"display:inherit;clear:left;\">reporting date. The difference between the exchange rates at the reporting date and at the date at which the receivable or payable </span><span style=\"display:inherit;clear:left;\">arose or the exchange rate in the latest consolidated financial statements is recognised as financial income or expenses.</span><span style=\"display:inherit;clear:left;\">On recognition of entities with a functional currency other than the presentation currency, the income statement and statement of </span><span style=\"display:inherit;clear:left;\">cash flows are translated at the exchange rates at the transaction date, and the statement of financial position items are translated </span><span style=\"display:inherit;clear:left;\">at the exchange rates at the reporting date. Foreign exchange differences arising on translation of the opening balance of equity, and </span><span style=\"display:inherit;clear:left;\">of the income statement on the reporting date, are recognised in other comprehensive income and attributed to a separate </span><span style=\"display:inherit;clear:left;\">translation reserve in equity. Foreign exchange differences arising on the translation of the proportionate share of associates are </span><span style=\"display:inherit;clear:left;\">likewise recognised in other comprehensive income.</span><span style=\"display:inherit;clear:left;\">Foreign exchange adjustment of balances with entities that are considered part of the investment in the entity is recognised in other </span><span style=\"display:inherit;clear:left;\">comprehensive income. Correspondingly, foreign exchange gains and losses on the part of loans and derivative financial instruments </span><span style=\"display:inherit;clear:left;\">that are designated as hedges of investments in foreign entities, and that effectively hedge against corresponding foreign exchange </span><span style=\"display:inherit;clear:left;\">gains and losses on the investment in the entity, are also recognised in other comprehensive income and attributed to a separate </span><span style=\"display:inherit;clear:left;\">translation reserve in equity.</span><span style=\"display:inherit;clear:left;\">When the gain or loss from a complete or partial disposal of an entity is recognised, the share of the cumulative exchange </span><span style=\"display:inherit;clear:left;\">differences recognised in other comprehensive income is recognised in the income statement. The same approach is adopted on </span><span style=\"display:inherit;clear:left;\">repayment of balances that constitute part of the net investment in the entity.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__234-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Income statement</span><span style=\"display:inherit;clear:left;\">The presentation of the Group\u2019s income statement is based on the internal reporting structure, as IFRS Accounting Standards do not </span><span style=\"display:inherit;clear:left;\">provide a specific disclosure requirement.</span><span style=\"display:inherit;clear:left;\">Special items are not directly attributable to ordinary operating activities and are shown separately in order to facilitate a better </span><span style=\"display:inherit;clear:left;\">understanding of the Group\u2019s financial performance.</span><span style=\"display:inherit;clear:left;\">Financial ratios and non-IFRS financial m<span class=\"_ _7\"></span>easures</span><span style=\"display:inherit;clear:left;\">The Group uses certain additional financial measures to provide management, investors and investment analysts with additional </span><span style=\"display:inherit;clear:left;\">ways to evaluate and analyse the Company\u2019s results. These non-IFRS financial measures are defined and calculated by the Group </span><span style=\"display:inherit;clear:left;\">and therefore may not be comparable with other companies\u2019 measures.</span><span style=\"display:inherit;clear:left;\">The non-IFRS financial measures disclosed in the Annual Report are:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Earnings per share, adjusted, and payout ratio, adjusted</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Organic development</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Management-defined performance measures as defined in section 9.5 and disclosed in the management review and sections 1.2 </span><span style=\"display:inherit;clear:left;\">and 4.3. </span><span style=\"display:inherit;clear:left;\">The Danish Finance Society does not acknowledge use of special items and states that adjustments for tax should be based on the </span><span style=\"display:inherit;clear:left;\">marginal tax rate. When calculating financial measures, the Group uses operating profit before special items as well as the effective </span><span style=\"display:inherit;clear:left;\">tax rate for items of operating profit before special items.</span><span style=\"display:inherit;clear:left;\">Other financial ratios are calculated in accordance with the Danish Finance Society\u2019s online guidelines for the calculation of financial </span><span style=\"display:inherit;clear:left;\">ratios, \u201cRecommendations and Financial Ratios\u201d, unless stated.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__238": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 9.3</span><span style=\"display:inherit;clear:left;\">Changes in accounting policies</span><span style=\"display:inherit;clear:left;\">Changed accounting policies and classification in the <span class=\"_ _7\"></span>Annual Report 2025</span><span style=\"display:inherit;clear:left;\">The Annual Report 2025 has been prepared using the same accounting policies for recognition and measurement as those applied to </span><span style=\"display:inherit;clear:left;\">the consolidated financial statements for 2024, except for the following Amendments <span class=\"_ _7\"></span>adopted as of 1 January 2025: </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Amendment to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u201d</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Amendments to IFRS 9 and IFRS 7: \u201cContracts Referencing Nature\u2011dependent Electricity\u201d</span><span style=\"display:inherit;clear:left;\">These Amendments cover areas that are not material and/or relevant for the Group.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__237": {
   "value": "<span style=\"display:inherit;clear:left;\">Section 9.3</span><span style=\"display:inherit;clear:left;\">Changes in accounting policies</span><span style=\"display:inherit;clear:left;\">Changed accounting policies and classification in the <span class=\"_ _7\"></span>Annual Report 2025</span><span style=\"display:inherit;clear:left;\">The Annual Report 2025 has been prepared using the same accounting policies for recognition and measurement as those applied to </span><span style=\"display:inherit;clear:left;\">the consolidated financial statements for 2024, except for the following Amendments <span class=\"_ _7\"></span>adopted as of 1 January 2025: </span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Amendment to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u201d</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Amendments to IFRS 9 and IFRS 7: \u201cContracts Referencing Nature\u2011dependent Electricity\u201d</span><span style=\"display:inherit;clear:left;\">These Amendments cover areas that are not material and/or relevant for the Group.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__239": {
   "value": "<span style=\"display:inherit;clear:left;\">New and amended IFRS Accounting Standards </span><span style=\"display:inherit;clear:left;\">The following Amendment to IFRS Accounting Standards became effective as of <span class=\"_ _7\"></span>1 January 2026:</span><span style=\"display:inherit;clear:left;\">\u2022<span class=\"_ _7e\"> </span>Amendments to IFRS 9 and IFRS 7 \u201cClassification and Measurement of Financial Instruments\u201d</span><span style=\"display:inherit;clear:left;\">The Amendment is not expected to have any significant impact on the financials or the Group\u2019s accounting policies, as it covers areas </span><span style=\"display:inherit;clear:left;\">that are not material and/or relevant for the Group.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__240": {
   "value": "New and amended IFRS accounting standards and interpretations not yet adopted by the EUThe following new or amended IFRS Standards and Amendments, which will become effective in future years, have been issued but not yet adopted by the EU:\u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d \u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d \u2022 Amendments to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency\u201d (issued on 13 November 2025) \u2022 Amendments to IAS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d (issued on 21 August 2025)IFRS 18, IFRS 19 and the Amendments are not mandatory for the financial reporting for 2025.",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__243": {
   "value": "<span style=\"display:inherit;clear:left;\">SECTION 10 </span><span style=\"display:inherit;clear:left;\">GROUP COMPANIES</span><span style=\"display:inherit;clear:left;\">This section lists the subsidiaries and associates in the Group. Parent direct ownership shows the </span><span style=\"display:inherit;clear:left;\">legal ownership held by the immediate holding company in the Group. Cross-holdings held by </span><span style=\"display:inherit;clear:left;\">fully owned companies in the Group are aggregated. Consolidated ownership shows the share of </span><span style=\"display:inherit;clear:left;\">the result of the entity that is attributed to the shareholders of Carlsberg A/S in the consolidated </span><span style=\"display:inherit;clear:left;\">financial statements.</span><span style=\"display:inherit;clear:left;position:relative;height:700.6171875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 0.0097656px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 0.0097656px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 0.0097656px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 0.0097656px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 13.5098px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 13.5098px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 13.5098px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 13.5098px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Breweries A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 181.711px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.1348px; width: 75.6445px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 80.9238px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Danmark A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 97.7988px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Danmark A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.674px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Sweden Holding 2 AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.262px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 131.549px; width: 727.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Sverige AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 148.627px; width: 727.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Nya Carnegiebryggeriet AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.213px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.336px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 165.502px; width: 178.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Sverige AB</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 165.299px; width: 446.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 182.174px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Norge AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.971px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 225.457px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 199.049px; width: 727.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 229.119px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 215.924px; width: 718.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Brygghus AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 232.799px; width: 718.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Solo AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 236.596px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.357px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 249.877px; width: 727.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">E.C. Dahls Bryggeri AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 176.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 293.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 266.549px; width: 726.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Supply Company AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 147.574px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 283.424px; width: 726.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Farris Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.931px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 300.299px; width: 726.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Imsdal Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.699px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 293.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 317.174px; width: 727.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Administrasjon Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.24px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 334.049px; width: 726.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Gjeller\u00e5sen Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.684px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 293.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 350.924px; width: 739.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Oy Sinebrychoff Ab</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Finland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.004px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 367.799px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sinebrychoff Supply Company Oy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.941px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Finland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.004px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 384.674px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Deutschland Holding GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 401.549px; width: 727.131px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Deutschland Logistik GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 418.424px; width: 726.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tuborg Deutschland GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 155.467px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 435.299px; width: 727.096px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Deutschland GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.826px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 452.174px; width: 718.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Duckstein GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 195.129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 469.049px; width: 718.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Holzmarkt Beteiligungsgesellschaft mbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 485.924px; width: 718.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Holsten-Brauerei AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 177.316px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 503.002px; width: 726.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Deutschland GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 519.877px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Polska SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Poland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 536.752px; width: 727.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Polska Sp. z o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.855px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Poland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 553.627px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg UK Holdings Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.121px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 570.502px; width: 727.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Marston's Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.121px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 587.377px; width: 718.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Marston's Brewing Company Ltd.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 604.252px; width: 718.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Marston's Beer Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.375px; top: 621.127px; width: 709.945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CMBC Supply Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.375px; top: 638.002px; width: 710.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CM Brewery Holdings Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 125.777px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 654.877px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic plc</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 671.752px; width: 729.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britannia Soft Drinks Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 246.029px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 688.627px; width: 717.562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Scottish Ltd Partnership</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 130.359px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:551.41015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 100.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 33.1738px; width: 735.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.1 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 50.0488px; width: 735.451px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.2 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 66.9238px; width: 735.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.3 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 83.7988px; width: 735.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.4 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 172.945px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 100.674px; width: 735.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Property Partnership</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.756px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 117.549px; width: 735.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Brands LLP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.82px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 134.424px; width: 735.422px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic EMEA Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 191.701px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 151.299px; width: 735.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Soft Drinks Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 246.029px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 168.174px; width: 726.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Jimmy's Iced Coffee Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 185.049px; width: 726.656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Robinsons Soft Drinks Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 201.924px; width: 735.404px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Overseas Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.156px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 218.799px; width: 726.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic France SAS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 235.674px; width: 726.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Pressade SAS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 252.549px; width: 726.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Teisseire France SAS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 269.424px; width: 726.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Irish Holdings Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 149.631px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 286.299px; width: 717.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Aquaporte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.377px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 303.174px; width: 717.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Ireland Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 190.429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 320.049px; width: 717.604px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Ireland Pension Trust DAC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 336.924px; width: 717.82px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Northern Ireland Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 353.799px; width: 735.422px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic North America LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">USA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 370.674px; width: 739.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Emeraude S.A.S.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 230.203px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 387.549px; width: 727.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg S.A.S.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 192.533px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 229.506px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 20.9531px; top: 404.424px; width: 718.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg Supply Company S.A.S.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 421.299px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Feldschl\u00f6sschen Getr\u00e4nke Holding AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 207.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 438.174px; width: 727.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Feldschl\u00f6sschen Getr\u00e4nke AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 20.9531px; top: 455.049px; width: 718.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Schlossgarten Gastronomie AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.738px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 471.924px; width: 727.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SB Swiss Beverage AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 176.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 488.799px; width: 727.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Feldschl\u00f6sschen Supply Company AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 505.674px; width: 727.137px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 522.549px; width: 739.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Grimbergen Abbey Brewery</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.404px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Belgium</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 539.424px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Zatecky Pivovar spol. S.r.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Czechia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:305.03515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 27.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.1738px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Asia Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 191.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 284.32px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 50.0488px; width: 727.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery Hong Kong Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.625px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hong Kong SAR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 66.9238px; width: 718.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Guangzhou Carlsberg Investment Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 83.7988px; width: 718.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing Brewery Co., Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.889px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.086px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.133px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 100.674px; width: 228.463px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Chongqing Breweries Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 100.471px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 462.438px; top: 100.674px; width: 277.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">B</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 117.549px; width: 202.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kunming Huashi Brewery Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 117.346px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 117.549px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 135.174px; width: 236.613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg (China) Breweries and Trading Company </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 134.221px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 147.924px; width: 34.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 147.924px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 164.799px; width: 718.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery (Guangdong) Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.748px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">99%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 181.674px; width: 718.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Xinjiang Wusu Breweries Co., Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.359px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 234.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 198.549px; width: 718.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ningxia Xixia Jianiang Brewery Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">56%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 215.424px; width: 263.08px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Beijing Capital Brewing Jinmai Trading Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 215.221px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 215.424px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 232.299px; width: 241.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">G-Shell Asia Pacific (Beijing) Food Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 232.096px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 232.299px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 249.924px; width: 244.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Beer Enterprise Management (Chongqing) </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 248.971px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 262.674px; width: 81.5039px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 262.674px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 280.299px; width: 124.799px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery (Anhui) </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 279.346px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 293.049px; width: 62.3965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Company Ltd</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 629.562px; top: 293.049px; width: 109.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">75%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:298.28515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 27.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.4531px; top: 33.1738px; width: 244.928px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Tianmuhu Brewery (Jiangsu) Company Ltd</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 32.9707px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 33.1738px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 50.0488px; width: 727.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lao Brewery Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Laos</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 66.9238px; width: 727.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Korea Ltd. </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">South Korea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.7988px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery Malaysia Berhad</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Malaysia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.803px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.853px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 100.674px; width: 726.955px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Marketing Sdn BHD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Malaysia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 117.549px; width: 726.932px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Euro Distributors Sdn BHD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.133px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Malaysia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 134.424px; width: 727.072px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Singapore Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.121px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 284.32px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.4531px; top: 151.299px; width: 73.8281px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Maybev Pte Ltd</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 151.096px; width: 46.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Singapore</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 462.406px; top: 151.299px; width: 276.211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">C</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 168.174px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Vietnam Trading Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.69px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Vietnam</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 185.049px; width: 739.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Vietnam Breweries Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Vietnam</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.924px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Paduak Holding Pte. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 180.978px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 283.933px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.799px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Asia Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.91px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hong Kong SAR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 255.105px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.674px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Caretech Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.953px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hong Kong SAR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 255.105px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 252.549px; width: 727.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cambrew Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 200.027px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cambodia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.838px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 20.9531px; top: 269.424px; width: 718.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cambrew Properties Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cambodia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 283.055px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 286.299px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CB Distribution Co., Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Thailand</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.738px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.336px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:197.03515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 219.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.1738px; width: 742.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Azerbaijan LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 178.424px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Azerbaijan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 283.933px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.0488px; width: 742.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Baku Piva JSC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Azerbaijan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.9238px; width: 742.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Kazakhstan Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kazakhstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 282.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">90%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.7988px; width: 742.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Beverages Central Asia LLP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.783px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kazakhstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 278.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.674px; width: 742.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Central Asia LLP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kazakhstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 278.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.549px; width: 742.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Kyrgyzstan LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.463px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kyrgyzstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 280.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.424px; width: 742.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">PJSC Carlsberg Ukraine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ukraine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 151.299px; width: 742.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg South Asia Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 168.174px; width: 742.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">South Asian Breweries Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 185.049px; width: 742.113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg India Pvt. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.535px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;\">A<span class=\"ff8\"> Listed company.</span></span><span style=\"display:inherit;clear:left;\">B<span class=\"ff8\"> Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Carlsberg C<span class=\"_ _7\"></span>onsultancy and Management Services Co Ltd (49%), </span></span><span style=\"display:inherit;clear:left;\">resulting in a consolidated ownership of 79%.</span><span style=\"display:inherit;clear:left;\">C<span class=\"ff8\"> Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Be<span class=\"_ _7\"></span>rhad (51%), resulting in a consolidated ownership of 26%.</span></span><span style=\"display:inherit;clear:left;position:relative;height:463.45703125px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 219.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.1738px; width: 741.293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gorkha Brewery Pvt. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.982px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.853px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">94%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-5\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">94%</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 50.0488px; width: 729.293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Raj Brewery Pvt. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">94%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 66.9238px; width: 729.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">G.B. Marketing Pvt Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.931px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">100 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">94 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.7988px; width: 742.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Baltic Beverages Holding AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 160.441px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.674px; width: 742.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Serbia Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 200.602px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Serbia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.348px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 117.549px; width: 54.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bosnia and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.049px; width: 88.875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg BH d.o.o.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 131.049px; width: 448.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Herzegovina</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 147.924px; width: 742.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Montenegro d.o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.756px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Montenegro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 273.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 164.596px; width: 327.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Croatia d.o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Croatia</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 164.799px; width: 25.916px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 714.156px; top: 164.596px; width: 25.916px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 181.471px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Bulgaria AD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 191.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Bulgaria</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 198.346px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">OJSC Brewery Alivaria</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 189.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Belarus</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E, F</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.631px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">78%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 215.221px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Vista BY Co LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 218.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Belarus</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.69px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.336px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 232.299px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Empresa Brasileira De Bebidas E Alimentos SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brazil</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.889px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.971px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Italia S.p.A.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.037px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 265.846px; width: 726.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Horeca Srl</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 282.721px; width: 726.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">T&amp;C Italia Srl</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 220.195px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 299.596px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Olympic Brewery SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 198.363px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Greece</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 316.471px; width: 727.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hellenic Beverage Company SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.31px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Greece</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 333.346px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Hungary Kft.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hungary</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 289.787px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 350.221px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Saku \u00d6lletehase AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 203.315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Estonia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.004px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 367.096px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Aldaris JSC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Latvia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 383.971px; width: 739.711px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Svyturys-Utenos Alus UAB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 169.5px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Lithuania</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.312px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">99%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">99%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 400.846px; width: 739.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CTDD Beer Imports Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Canada</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 417.721px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Canada Inc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 193.06px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Canada</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 434.596px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg Breweries Canada Inc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.549px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Canada</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 451.471px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg USA Inc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">USA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.762px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;\">E<span class=\"ff8\"> Company not audited by PwC.</span></span><span style=\"display:inherit;clear:left;\">F<span class=\"ff8\"> Consolidated ownership is higher than the legal ownership due to written put options.</span></span><span style=\"display:inherit;clear:left;position:relative;height:251.78515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 87.2109px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not allocated</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.9707px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Finans A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.988px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.8457px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg International A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.7207px; width: 739.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Home of Carlsberg A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.5957px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Invest A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 200.027px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.471px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Integrated Information Technology A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.346px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Captive Insurance Company A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.221px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Central Office A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 151.096px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Traitomic A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 230.203px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 220.195px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.971px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Shared Services Sp. z o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.684px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Poland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 192.432px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 192.432px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 192.432px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 192.432px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 205.932px; width: 67.1191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-beverage</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 205.932px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 205.932px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 205.932px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 205.932px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 222.924px; width: 739.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Barley 1 A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 237.498px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 239.799px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Ejendomme Holding A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.213px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:348.70703125px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 68.0215px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Associates</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.9707px; width: 739.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Udviklingsselskabet Carlsberg Byen P/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 110.473px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.109px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.8457px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bjergs\u00f8 Holding ApS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 198.363px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.7207px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sinergie Proattive Srl</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 197.842px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 314.777px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.5957px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brasserie du Pays Flamand</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 167.52px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.471px; width: 739.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Knopp Oy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Finland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.357px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.346px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Viacer S.G.P.S., Lda</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.377px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Portugal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.299px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 134.221px; width: 726.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Super Bock Group, S.G.P.S., S.A.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.31px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Portugal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">56%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 151.096px; width: 739.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Serviced Dispense Equipment (Holdings) Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 246.029px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.971px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing Jiawei Beer Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.762px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 184.846px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lanzhou Huanghe Jianiang Brewery Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.748px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.721px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Qinghai Huanghe Jianiang Brewery Company Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.596px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Jiuquan West Brewery Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.471px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tianshui Huanghe Jianiang Brewery Company Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 252.346px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lion Brewery (Ceylon) PLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sri Lanka</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.332px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">A, H</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.299px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 269.221px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hanoi Beer Alcohol and Beverage Joint Stock Corporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.6875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Vietnam</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 286.096px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Taiwan Trading Company Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Taiwan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.808px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 302.971px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NCC Crowns Private Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.873px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 319.846px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bottlers Nepal Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 189.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 234.961px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 336.721px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Myanmar Carlsberg Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.797px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Myanmar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span></span></span><span style=\"display:inherit;clear:left;\">G<span class=\"ff8\"> Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock) with a 56% shareholding, wit<span class=\"_ _7\"></span>h Carlsberg Breweries A/S owning the remaining 44%. In </span></span><span style=\"display:inherit;clear:left;\">addition, Carlsberg Breweries A/S has a direct ownership share of 29% in Viacer without exercising control. There<span class=\"_ _7\"></span>fore, both Viacer and Super Bock are considered associates of the Group. </span><span style=\"display:inherit;clear:left;\">The Group's direct and indirect ownership of Super Bock totals 60%.</span><span style=\"display:inherit;clear:left;\">H<span class=\"ff8\"> Lion Brewery (Ceylon) PLC is owned by Carlsberg Brewery Malaysia Berhad (25%). Carlsberg owns<span class=\"_ _7\"></span> 51% of Carlsberg Brewery Malaysia Berhad, resulting in 13% of the result being </span></span><span style=\"display:inherit;clear:left;\">attributed to the shareholders in Carlsberg A/S.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  },
  "f1__s9__7__242": {
   "value": "<span style=\"display:inherit;clear:left;\">SECTION 10 </span><span style=\"display:inherit;clear:left;\">GROUP COMPANIES</span><span style=\"display:inherit;clear:left;\">This section lists the subsidiaries and associates in the Group. Parent direct ownership shows the </span><span style=\"display:inherit;clear:left;\">legal ownership held by the immediate holding company in the Group. Cross-holdings held by </span><span style=\"display:inherit;clear:left;\">fully owned companies in the Group are aggregated. Consolidated ownership shows the share of </span><span style=\"display:inherit;clear:left;\">the result of the entity that is attributed to the shareholders of Carlsberg A/S in the consolidated </span><span style=\"display:inherit;clear:left;\">financial statements.</span><span style=\"display:inherit;clear:left;position:relative;height:700.6171875px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 0.0097656px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 0.0097656px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 0.0097656px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 0.0097656px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 13.5098px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 13.5098px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 13.5098px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 13.5098px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 30.502px; width: 739.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Breweries A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 181.711px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 64.1348px; width: 75.6445px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 80.9238px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Danmark A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 97.7988px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Danmark A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 114.674px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Sweden Holding 2 AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 146.262px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 131.549px; width: 727.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Sverige AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 148.627px; width: 727.049px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Nya Carnegiebryggeriet AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.723px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.213px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.336px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 165.502px; width: 178.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Sverige AB</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 165.299px; width: 446.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 182.174px; width: 739.365px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Norge AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 209.971px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 225.457px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 199.049px; width: 727.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 229.119px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 215.924px; width: 718.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Brygghus AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 232.799px; width: 718.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Solo AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 236.596px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.357px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 249.877px; width: 727.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">E.C. Dahls Bryggeri AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 176.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 293.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 266.549px; width: 726.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Supply Company AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 147.574px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 283.424px; width: 726.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Farris Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.931px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 300.299px; width: 726.961px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Imsdal Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 151.699px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 293.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 317.174px; width: 727.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Administrasjon Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 114.24px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.922px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 334.049px; width: 726.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ringnes Gjeller\u00e5sen Eiendom AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.684px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Norway</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 293.297px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 350.924px; width: 739.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Oy Sinebrychoff Ab</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.158px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Finland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.004px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 367.799px; width: 739.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sinebrychoff Supply Company Oy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 137.941px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Finland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.004px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 384.674px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Deutschland Holding GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 401.549px; width: 727.131px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Deutschland Logistik GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 106.189px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 418.424px; width: 726.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tuborg Deutschland GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 155.467px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 435.299px; width: 727.096px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Deutschland GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 144.826px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 452.174px; width: 718.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Duckstein GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 195.129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 469.049px; width: 718.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Holzmarkt Beteiligungsgesellschaft mbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.867px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 485.924px; width: 718.57px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Holsten-Brauerei AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 177.316px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 503.002px; width: 726.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Deutschland GmbH</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.3634px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Germany</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 519.877px; width: 739.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Polska SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Poland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 536.752px; width: 727.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Polska Sp. z o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.855px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Poland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 553.627px; width: 739.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg UK Holdings Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.121px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 570.502px; width: 727.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Marston's Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.121px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 587.377px; width: 718.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Marston's Brewing Company Ltd.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 604.252px; width: 718.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Marston's Beer Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.375px; top: 621.127px; width: 709.945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CMBC Supply Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.178px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.375px; top: 638.002px; width: 710.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CM Brewery Holdings Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 125.777px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 654.877px; width: 739.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic plc</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 248.572px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 671.752px; width: 729.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britannia Soft Drinks Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 148.002px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 246.029px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">4</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 688.627px; width: 717.562px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Scottish Ltd Partnership</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 130.359px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:551.41015625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 100.676px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Western Europe</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 33.1738px; width: 735.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.1 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 50.0488px; width: 735.451px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.2 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 66.9238px; width: 735.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.3 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 173.444px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 83.7988px; width: 735.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Asset Co. No.4 Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 172.945px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 100.674px; width: 735.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Property Partnership</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.756px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 117.549px; width: 735.65px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Brands LLP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 204.82px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 134.424px; width: 735.422px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic EMEA Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 191.701px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 151.299px; width: 735.721px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Soft Drinks Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 246.029px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 168.174px; width: 726.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Jimmy's Iced Coffee Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 185.049px; width: 726.656px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Robinsons Soft Drinks Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.182px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 201.924px; width: 735.404px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Overseas Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.156px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 218.799px; width: 726.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic France SAS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 235.674px; width: 726.58px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Pressade SAS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 252.549px; width: 726.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Teisseire France SAS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 269.424px; width: 726.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Irish Holdings Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 149.631px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 286.299px; width: 717.574px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Aquaporte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.377px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 303.174px; width: 717.568px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Ireland Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 190.429px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 320.049px; width: 717.604px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Ireland Pension Trust DAC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ireland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 22.1875px; top: 336.924px; width: 717.82px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic Northern Ireland Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 3.8125px; top: 353.799px; width: 735.422px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Britvic North America LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.232px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">USA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 370.674px; width: 739.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Emeraude S.A.S.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.799px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 230.203px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">7</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 387.549px; width: 727.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg S.A.S.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 192.533px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 229.506px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 20.9531px; top: 404.424px; width: 718.646px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg Supply Company S.A.S.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.785px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.852px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 421.299px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Feldschl\u00f6sschen Getr\u00e4nke Holding AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 118.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 207.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 438.174px; width: 727.055px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Feldschl\u00f6sschen Getr\u00e4nke AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 145.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 20.9531px; top: 455.049px; width: 718.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Schlossgarten Gastronomie AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.738px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 471.924px; width: 727.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">SB Swiss Beverage AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 176.766px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 488.799px; width: 727.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Feldschl\u00f6sschen Supply Company AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.275px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 505.674px; width: 727.137px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company AG</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Switzerland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 276.551px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 522.549px; width: 739.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Grimbergen Abbey Brewery</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.404px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Belgium</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 539.424px; width: 739.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Zatecky Pivovar spol. S.r.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Czechia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:305.03515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 27.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.1738px; width: 739.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Asia Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 191.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 284.32px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 50.0488px; width: 727.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery Hong Kong Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 122.625px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hong Kong SAR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 66.9238px; width: 718.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Guangzhou Carlsberg Investment Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 36.0352px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.732px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 83.7988px; width: 718.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing Brewery Co., Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.889px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.086px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.133px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 100.674px; width: 228.463px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Chongqing Breweries Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 100.471px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 462.438px; top: 100.674px; width: 277.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">B</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5897px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">8</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 117.549px; width: 202.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kunming Huashi Brewery Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 117.346px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 117.549px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 135.174px; width: 236.613px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg (China) Breweries and Trading Company </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 134.221px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 147.924px; width: 34.1895px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 147.924px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 164.799px; width: 718.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery (Guangdong) Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.748px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">99%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 181.674px; width: 718.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Xinjiang Wusu Breweries Co., Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 121.359px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 234.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">5</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 198.549px; width: 718.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Ningxia Xixia Jianiang Brewery Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.2091px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">70%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">56%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 215.424px; width: 263.08px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Beijing Capital Brewing Jinmai Trading Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 215.221px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 215.424px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 232.299px; width: 241.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">G-Shell Asia Pacific (Beijing) Food Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 232.096px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 232.299px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 249.924px; width: 244.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Beer Enterprise Management (Chongqing) </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 248.971px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 262.674px; width: 81.5039px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Company Limited</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 262.674px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 280.299px; width: 124.799px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery (Anhui) </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 279.346px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 21.1094px; top: 293.049px; width: 62.3965px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Company Ltd</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 629.562px; top: 293.049px; width: 109.787px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">75%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:298.28515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 27.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Asia</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.4531px; top: 33.1738px; width: 244.928px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Tianmuhu Brewery (Jiangsu) Company Ltd</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 32.9707px; width: 25.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">China</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 623.953px; top: 33.1738px; width: 115.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">79%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 50.0488px; width: 727.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lao Brewery Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Laos</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 315.656px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 66.9238px; width: 727.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Korea Ltd. </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 183.996px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">South Korea</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.7988px; width: 739.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Brewery Malaysia Berhad</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.205px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Malaysia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.803px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">A</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.853px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 100.674px; width: 726.955px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Marketing Sdn BHD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Malaysia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 117.549px; width: 726.932px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Euro Distributors Sdn BHD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.133px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Malaysia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 134.424px; width: 727.072px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Singapore Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.121px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 284.32px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 29.4531px; top: 151.299px; width: 73.8281px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Maybev Pte Ltd</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 151.096px; width: 46.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Singapore</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 462.406px; top: 151.299px; width: 276.211px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">C</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">51%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 168.174px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Vietnam Trading Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.69px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Vietnam</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 185.049px; width: 739.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Vietnam Breweries Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Vietnam</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.924px; width: 739.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Paduak Holding Pte. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 180.978px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 283.933px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.799px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Supply Company Asia Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 127.91px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hong Kong SAR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 255.105px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.674px; width: 739.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Caretech Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 215.953px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hong Kong SAR</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 255.105px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.3438px; top: 252.549px; width: 727.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cambrew Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 200.027px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cambodia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 213.838px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">3</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 20.9531px; top: 269.424px; width: 718.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Cambrew Properties Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Cambodia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 283.055px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 286.299px; width: 739.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CB Distribution Co., Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Thailand</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129.738px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.336px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:197.03515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 219.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.1738px; width: 742.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Azerbaijan LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 178.424px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Azerbaijan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 283.933px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 50.0488px; width: 742.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Baku Piva JSC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Azerbaijan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.65px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">91%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.9238px; width: 742.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Kazakhstan Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kazakhstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 282.592px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">90%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.7988px; width: 742.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Beverages Central Asia LLP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 119.783px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kazakhstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 278.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.674px; width: 742.102px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Central Asia LLP</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 170.613px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kazakhstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 278.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.549px; width: 742.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Kyrgyzstan LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 174.463px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Kyrgyzstan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 280.67px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.424px; width: 742.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">PJSC Carlsberg Ukraine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.576px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Ukraine</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 226.951px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 151.299px; width: 742.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg South Asia Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.373px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 168.174px; width: 742.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">South Asian Breweries Pte Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 153.791px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Singapore</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 286.857px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 185.049px; width: 742.113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg India Pvt. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 310.535px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;\">A<span class=\"ff8\"> Listed company.</span></span><span style=\"display:inherit;clear:left;\">B<span class=\"ff8\"> Carlsberg Chongqing Breweries Company Limited is owned by Chongqing Brewery Co., Ltd (51%) and Guangzhou Carlsberg C<span class=\"_ _7\"></span>onsultancy and Management Services Co Ltd (49%), </span></span><span style=\"display:inherit;clear:left;\">resulting in a consolidated ownership of 79%.</span><span style=\"display:inherit;clear:left;\">C<span class=\"ff8\"> Maybev Pte Ltd is owned by Carlsberg Singapore Pte Ltd (51%), which is owned by Carlsberg Brewery Malaysia Be<span class=\"_ _7\"></span>rhad (51%), resulting in a consolidated ownership of 26%.</span></span><span style=\"display:inherit;clear:left;position:relative;height:463.45703125px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 219.926px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Central &amp; Eastern Europe and India</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 33.1738px; width: 741.293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Gorkha Brewery Pvt. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 179.982px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 139.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 161.853px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">94%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.8045px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span class=\"pp-font-color-override-5\" style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">94%</span></span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 50.0488px; width: 729.293px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Raj Brewery Pvt. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 141.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">94%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 66.9238px; width: 729.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">G.B. Marketing Pvt Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 175.301px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 142.582px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 156.931px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">100 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\"> </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">94 </span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -2.94px; width: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"></span><span style=\"display: inline-block;\">%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.7988px; width: 742.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Baltic Beverages Holding AB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 160.441px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sweden</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.211px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.674px; width: 742.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Serbia Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 200.602px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Serbia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.348px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 117.549px; width: 54.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bosnia and </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 131.049px; width: 88.875px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg BH d.o.o.</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 131.049px; width: 448.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Herzegovina</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 272.525px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.1659px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 147.924px; width: 742.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Montenegro d.o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 162.756px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Montenegro</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 273.334px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.6094px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 164.596px; width: 327.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Croatia d.o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.264px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Croatia</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 624.656px; top: 164.799px; width: 25.916px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 714.156px; top: 164.596px; width: 25.916px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 181.471px; width: 739.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Bulgaria AD</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 191.074px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Bulgaria</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 291.065px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 198.346px; width: 739.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">OJSC Brewery Alivaria</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 189.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Belarus</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 124.102px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E, F</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 158.631px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">78%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">89%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 215.221px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Vista BY Co LLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 218.59px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Belarus</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.69px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 154.336px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 232.299px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Empresa Brasileira De Bebidas E Alimentos SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.4315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Brazil</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 143.889px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">E</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.742px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 248.971px; width: 739.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Italia S.p.A.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.037px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 265.846px; width: 726.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Horeca Srl</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 282.721px; width: 726.885px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">T&amp;C Italia Srl</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 220.195px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.328px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 299.596px; width: 739.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Olympic Brewery SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 198.363px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Greece</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 316.471px; width: 727.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hellenic Beverage Company SA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.31px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Greece</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 298.295px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 333.346px; width: 739.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Hungary Kft.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 188.103px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Hungary</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 289.787px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 350.221px; width: 739.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Saku \u00d6lletehase AS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 203.315px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Estonia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 296.004px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 367.096px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Aldaris JSC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 241.84px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Latvia</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 301.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 383.971px; width: 739.711px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Svyturys-Utenos Alus UAB</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 169.5px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Lithuania</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 292.312px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">99%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">99%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 400.846px; width: 739.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">CTDD Beer Imports Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 185.772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Canada</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 417.721px; width: 739.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Canada Inc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 193.06px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Canada</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 295.242px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 434.596px; width: 739.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Kronenbourg Breweries Canada Inc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.549px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Canada</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 294.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 451.471px; width: 739.635px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg USA Inc.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 208.125px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">USA</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.762px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;\">E<span class=\"ff8\"> Company not audited by PwC.</span></span><span style=\"display:inherit;clear:left;\">F<span class=\"ff8\"> Consolidated ownership is higher than the legal ownership due to written put options.</span></span><span style=\"display:inherit;clear:left;position:relative;height:251.78515625px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 87.2109px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Not allocated</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.9707px; width: 739.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Finans A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 196.74px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.988px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.8457px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg International A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.7207px; width: 739.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Home of Carlsberg A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 186.668px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.5957px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Invest A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 200.027px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.471px; width: 739.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Integrated Information Technology A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.7772px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.346px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Captive Insurance Company A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 98.8417px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 134.221px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Central Office A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 151.096px; width: 739.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Traitomic A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 230.203px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 220.195px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.3418px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.971px; width: 739.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Shared Services Sp. z o.o.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 131.684px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Poland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 297.293px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 192.432px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.703px; top: 192.432px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.562px; top: 192.432px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.328px; top: 192.432px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 205.932px; width: 67.1191px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Non-beverage</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 294.141px; top: 205.932px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.812px; top: 205.932px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 600.891px; top: 205.932px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 692.125px; top: 205.932px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 222.924px; width: 739.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Barley 1 A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 237.498px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 239.799px; width: 739.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Ejendomme Holding A/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 133.213px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 287.56px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.8966px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">100%</span></span></span><span style=\"display:inherit;clear:left;position:relative;height:348.70703125px;\"><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 0px; top: 0.0136718px; width: 68.0215px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 12.75px; font-family: ff7; -webkit-text-stroke: 0.19125px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Associates</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 2.68164px; width: 41.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Place of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 508.5px; top: 2.68164px; width: 53.4082px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Number of </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 589.578px; top: 2.68164px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Parent direct </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 678.594px; top: 2.68164px; width: 64.1777px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Consolidated </span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 293.188px; top: 16.1816px; width: 175.893px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">incorporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.1642px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Note</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 504.844px; top: 16.1816px; width: 54.1523px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">subsidiaries</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 601.312px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-1\" style=\"position: absolute; display: inline-block; left: 691.984px; top: 16.1816px; width: 48.0527px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff9; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">ownership</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 32.9707px; width: 739.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Udviklingsselskabet Carlsberg Byen P/S</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 110.473px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.109px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">46</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 49.8457px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bjergs\u00f8 Holding ApS</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 198.363px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Denmark</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 212.748px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 66.7207px; width: 739.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Sinergie Proattive Srl</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 197.842px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Italy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 314.777px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">36%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 83.5957px; width: 739.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Brasserie du Pays Flamand</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 167.52px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">France</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 303.199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">28%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 100.471px; width: 739.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Knopp Oy</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 247.154px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Finland</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.357px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 117.346px; width: 739.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Viacer S.G.P.S., Lda</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 205.377px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Portugal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.299px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">29%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 12.4531px; top: 134.221px; width: 726.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Super Bock Group, S.G.P.S., S.A.</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 135.31px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Portugal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 129px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">G</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.7031px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">56%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">60%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 151.096px; width: 739.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Serviced Dispense Equipment (Holdings) Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">UK</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 246.029px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">2</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.7324px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 167.971px; width: 739.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Chongqing Jiawei Beer Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 152.648px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 309.762px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">26%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 184.846px; width: 739.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lanzhou Huanghe Jianiang Brewery Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.4199px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.748px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 201.721px; width: 739.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Qinghai Huanghe Jianiang Brewery Company Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 64.8221px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 218.596px; width: 739.658px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Jiuquan West Brewery Company Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.176px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 307.764px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 235.471px; width: 739.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Tianshui Huanghe Jianiang Brewery Company Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 61.7812px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">China</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 308.215px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 252.346px; width: 739.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Lion Brewery (Ceylon) PLC</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 168.75px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Sri Lanka</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.332px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">A, H</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 159.299px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">25%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.7304px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">13%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 269.221px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Hanoi Beer Alcohol and Beverage Joint Stock Corporation</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 25.6875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Vietnam</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 299.912px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.1815px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">17%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 286.096px; width: 739.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Carlsberg Taiwan Trading Company Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.453px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Taiwan</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 300.808px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.2793px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">50%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 302.971px; width: 739.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">NCC Crowns Private Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 163.875px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">India</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 312.873px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.1426px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">33%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 319.846px; width: 739.623px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Bottlers Nepal Limited</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 189.615px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Nepal</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 234.961px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.3341px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">22%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7892px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">20%</span></span><span class=\"pp-font-color-override-2\" style=\"position: absolute; display: inline-block; left: 0px; top: 336.721px; width: 739.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\">Myanmar Carlsberg Co. Ltd</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 165.797px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">Myanmar</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 217.4px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">1</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span><span style=\"word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.3321px; font-size: 10.5px; font-family: ff8; -webkit-text-stroke: 0.1575px rgba(0, 0, 0, 0);\"><span style=\"display: inline-block;\"> </span></span><span style=\"display: inline-block;\">61%</span></span></span><span style=\"display:inherit;clear:left;\">G<span class=\"ff8\"> Viacer S.G.P.S (Viacer) is the controlling shareholder of Super Bock Group, S.G.P.S. (Super Bock) with a 56% shareholding, wit<span class=\"_ _7\"></span>h Carlsberg Breweries A/S owning the remaining 44%. In </span></span><span style=\"display:inherit;clear:left;\">addition, Carlsberg Breweries A/S has a direct ownership share of 29% in Viacer without exercising control. There<span class=\"_ _7\"></span>fore, both Viacer and Super Bock are considered associates of the Group. </span><span style=\"display:inherit;clear:left;\">The Group's direct and indirect ownership of Super Bock totals 60%.</span><span style=\"display:inherit;clear:left;\">H<span class=\"ff8\"> Lion Brewery (Ceylon) PLC is owned by Carlsberg Brewery Malaysia Berhad (25%). Carlsberg owns<span class=\"_ _7\"></span> 51% of Carlsberg Brewery Malaysia Berhad, resulting in 13% of the result being </span></span><span style=\"display:inherit;clear:left;\">attributed to the shareholders in Carlsberg A/S.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
    "language": "en",
    "entity": "scheme:5299001O0WJQYB5GYZ19",
    "period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
   }
  }
 }
}